141. U.S. GAAP and IFRS require firms to initially report the results of most income transactions in the
A. retained earnings bypassing the income statement.
B. income statement instead of bypassing the income statement and reporting the amounts in some other shareholders’ equity account.
C. paid-in-capital bypassing the income statement.
D. retained earnings bypassing the income statement.
E. treasury stock bypassing the income statement.
142. U.S. GAAP and IFRS aid the investors’ analysis process by requiring firms to classify income transactions in particular ways in the financial statements which include
A. Recurring versus nonrecurring.
B. Central versus peripheral.
C. Unrealized versus realized gains and losses from changes in the fair values of assets and liabilities.
D. Adjustments for errors and changes in accounting principles and accounting estimates.
E. all of the above
143. U.S. GAAP and IFRS distinguish between revenues and expenses on the one hand and gains and losses on the other. Which of the following is/are true?
A. Revenues and expenses result from the recurring, primary operating activities of a business.
B. Income items include the ordinary, recurring operating activities of the firm.
C. Gains and losses result from either peripheral activities or nonrecurring activities.
D. The reporting of revenues and expenses are at gross amounts, and firms report gains and losses at net amounts.
E. all of the above
144. U.S. GAAP and IFRS distinguish between revenues and expenses on the one hand and gains and losses on the other. Which of the following is/are not true?
A. Revenues and expenses result from the recurring, primary operating activities of a business.
B. Income items include the ordinary, recurring operating activities of the firm.
C. Gains and losses result from either peripheral activities or nonrecurring activities.
D. The reporting of revenues and expenses are at gross amounts, and firms report gains and losses at net amounts.
E. Gains and losses result from the recurring, primary operating activities of a business.
145. Income statements contain which of the following sections or categories, depending on the nature of a firm’s earnings for the period?
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. extraordinary gains and losses
D. all of the above
E. none of the above
146. Income statements prepared under U.S. GAAP contain which of the following sections or categories, depending on the nature of a firm’s earnings for the period?
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. extraordinary gains and losses
D. all of the above
E. none of the above
147. Income statements prepared under IFRS contain which of the following sections or categories, depending on the nature of a firm’s earnings for the period?
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. separate disclosure of material income items
D. all of the above
E. none of the above
148. Which section includes income derived from a firm’s primary business activities as well as from activities peripherally related to operations. The firm expects these sources of earnings to continue.
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. extraordinary gains and losses
D. retained earnings
E. paid-in-capital
149. Revenues from marketable securities and investments in securities, interest expense on borrowings, and gains and losses from peripheral activities appear as _____. The firm expects these sources of earnings to continue.
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. extraordinary gains and losses
D. retained earnings
E. paid-in-capital
150. Firms almost always report asset impairment charges or restructuring charges in _____.
A. income from continuing operations
B. income, gains, and losses from discontinued operations
C. extraordinary gains and losses
D. retained earnings
E. paid-in-capital
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more