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Exam (elaborations)

Yan Sun Exam 2 Questions And Verified Correct Answers.

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  • SJN
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  • SJN

Reporting corrections of errors result from - correct answer mathematical mistakes, mistakes in application of accounting principles, oversight or misuse of facts discontinued operation - correct answer The sale or disposa...

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  • October 6, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • SJN
  • SJN
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RealGrades
Yan Sun Exam 2

Reporting corrections of errors result from - correct answer mathematical mistakes,
mistakes in application of accounting principles, oversight or misuse of facts



discontinued operation - correct answer The sale or disposal of a component of an
entity, must be clearly disguishable from the entity



2 things reported for discontinued operations - correct answer operating
income/loss from component from the beginning of the reporting period AND gain/loss from disposal of
components assets



examples of components - correct answer operating segments, reporting units,
subsidiaries, asset groups



reporting unusual gains and losses (unusual) - correct answer high degree of
abnormality and of a type clearly unrelated to, or only incidentally related to, the ordinary and typical
activities of the company, taking into account the environment in which it operates



reporting unusual gains and losses (infrequency of occurrence) - correct answer
type of transaction that is not reasonably expected to recur in the foreseeable future, taking into
account the environment for which the company operates



examples of unusual gains or losses - correct answer restructuring charges, gain or
loss from the sale of assets, write-down of assets, effect of a strike, and gain or loss related to casualties
such as fires, floods, and earthquakes



earnings per share - correct answer net income - preferred dividends / weighted
average common shares outstanding



earnings per share measures - correct answer the dollars earned by each share of
common stock

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