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Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners...

Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the owners during 2010 were (Points: 4)
$49,000
$28,000
$23,000
$2,000


30. Comprehensive income includes the following changes in equity in a company during a period except (Points: 4)
transactions with non-owners
events relating to non-owner sources
circumstances relating to non-owner sources
distributions to owners


31. In 2007, the CFA Institute Centre for Financial Market Integrity proposed a new financial model to replace the traditional earnings number. Which of the following characteristics does the proposed statement of changes in net assets available to stockholders exclude? (Points: 4)
It recognizes all transactions and events that change net assets.
Line items would be reported by the nature of the item.
Line items would be reported by the function for which the resource is consumed.
It includes the effects of all investing and financing activities.


33. IFRS content in the income statement is similar to U.S. GAAP in all of the following areas except the disclosure of (Points: 4)
revenues
finance costs
extraordinary items
tax expense


34. IFRS reporting requires all of the following items except (Points: 4)
earnings per share disclosure
comprehensive income disclosure in a statement of stockholders’ equity
disclosure of the results of discontinued operations
operating expenses disclosure


35. Differences that currently exist between IFRS and U.S. GAAP with regard to the presentation of information on the income statement include all of the following except (Points: 4)
different acceptable terminology relating to revenue items
depreciation measures differ when equipment has been revalued
different performance measures such as EBITDA are permitted under IFRS
differences resulting because IFRS does not require the use of accrual accounting under the historical cost framework

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