Accounting quiz 1
Intraperiod income tax presentation is primarily a matter of:
The difference between single-step and multiple-step income statements is
primarily an issue of:
Popson Inc. incurred a material loss which was
Accounting quiz 2
Pro forma earnings:
A. Are management's view of permanent earnings.
The distinction between operating and nonoperating income relates to:
B. Principal activities of the reporting entity.
The principal benefit of separately reporting disc
Accounting quiz 4
On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to
Albanese Inc. for $80 million. The sale was completed on December 31, 2011.
The following additional facts pertain to the transaction:
The Footwear Division qua
Accounting Quiz 3
On October 28, 2011, Mercedes Company committed to a plan to sell a division
that qualified as a component of the entity according to GAAP regarding
discontinued operations and was properly classified as held for sale on December
Accounting quiz 5
Misty Company reported the following before-tax items during the current year:
Operating Exp 250
Restructuring Charges 20
Extraordinary Loss 50
Misty's effective tax rate is 40%.
What would be Misty's net income for the current
The statement of cash flows reports cash flows from the activities of:
C. Financing, investing, and operating.
Operating cash flows would exclude:
C. Dividends paid.
Operating cash outflows would include:
D. Purchases of inventory.
Cash flows from
Each of the following would be reported as items of other comprehensive income
D. Gains from the sale of equipment.
Reporting comprehensive income in the United States can be accomplished by
which of the following methods:
D. All of the abo
Which of the following is added to net income as an adjustment under the
indirect method of preparing the statement of cash flows?
C. Loss on the sale of equipment.
Schneider Inc. had salaries payable of $60,000 and $90,000 at the end of 2010
Accounting quiz 6
The financial statement presentation of a change in reporting entity is most
similar to the reporting of a:
D. Correction of a material error discovered after the year the error was made.
If Company A acquires Company B, required financi
Rowdy's would report net cash inflows (outflows) from investing activities in the
Rowdy's would report net cash inflows (outflows) from financing activities in the
Expenses in an income statement prepare
The accounting equation can be stated as:
D. A-L-OE = 0.
Examples of external transactions include all of the following except:
C. Depreciating equipment.
Examples of internal transactions include all of the following except:
D. Paying wages to co