continuity of income.
principal activities of the reporting entity.
consistency of income stream.
reliability of measurements.
2. (TCO 5) On August 1, 2011, Rocket Retailers adopted a plan to discontinue its catalog sales division, which qualifies as a separate component of the business, according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by June 30, 2012. On January 31, 2012, Rocket's fiscal year-end, the following information relative to the discontinued division was accumulated:
In its income statement for the year ended January 31, 2012, Rocket would report a before-tax loss on discontinued operations of:
(Points : 4)
3. (TCO 5) Changes in accounting estimates are reported: (Points : 4)
currently and prospectively.
retroactively and currently.
retroactively, currently, and prospectively.
by restating prior years.
4. (TCO 5) Cash flows from financing activities include: (Points : 4)
5. (TCO 5) Review Rowdy's Restaurants cash flow (in millions):
Rowdy's would report net cash inflows (outflows) from financing activities in the amount of:
(Points : 4)
Recently Asked Questions
- On 1 July 2015, Flyer Ltd decides to lease an aeroplane from Finance Ltd. The term of the lease is 20 years. The implicit interest rate in the lease is 10
- The Spreadsheet and word document are attached as well as the previous assignment it mentions During week 2, you were introduced to an organizational tool to
- All of the following are conversion alternatives for the implementation phase of an ERP project except: Piecemeal conversion Pilot conversion Phased conversion