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ACCOUNTING AND FINANCIAL REPORTING COMPREHENSIVE FINAL EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS $22.99
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ACCOUNTING AND FINANCIAL REPORTING COMPREHENSIVE FINAL EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS
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ACCOUNTING AND FINANCIAL REPORTING COMPREHENSIVE
Institution
ACCOUNTING AND FINANCIAL REPORTING COMPREHENSIVE
ACCOUNTING AND FINANCIAL REPORTING COMPREHENSIVE FINAL EXAM LATEST 2024 ACTUAL QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+|GUARANTEED TO PASS CONCEPTS
ACCOUNTING AND FINANCIAL REPORTING
COMPREHENSIVE FINAL EXAM LATEST 2024
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS|ALREADY GRADED A+|GUARANTEED
TO PASS CONCEPTS
Which of the following items is(are) of interest to investors and creditors? -
ANSWER-All of the items are of interest.
(Uncertainty of future cash flows, Timing of future cash flows, Amount of
future cash flows)
Which of the following statements is FALSE regarding the measurement of
income? - ANSWER-That income numbers are affected by the accounting
methods employed is true ONLY under the Transaction approach.
The planned timing of revenues, expenses, gains, and losses to smooth out
bumps in earnings is known as: - ANSWER-earnings management
What is the major distinction between revenues and gains (or expenses and
losses)? - ANSWER-The classification depends on the ongoing major or central
operations of the company.
,Which of the following options shows the correct order of income statement
sections? - ANSWER-Operating section; nonoperating section; income tax;
discontinued operations; noncontrolling interest; EPS
Which of the following statements is FALSE regarding the format of the income
statement? - ANSWER-The single-step income statement is more useful than
the multiple step income in determining the amount, timing, and uncertainty
of future cash flows.
US GAAP requires that companies record most items, including unusual or
infrequent ones, as part of net income. This concept is called the: - ANSWER-
modified all-inclusive concept
Which of the following items would NOT be included in the Operating Section
of the Income Statement? - ANSWER-A company wrote-off $1,000,000 of
inventory that was considered obsolete.
Roco Company manufactures both industrial and consumer electronics. Due to
a change in its strategic focus, the company decided to exit the consumer
electronics business, and in 2016 sold the division to Sunny Corporation. The
consumer electronics division qualifies as a component of the entity according
to GAAP. How should Roco report the sale in its 2016 income statement? -
ANSWER-As a discontinued operation, reported below income from continuing
operations
calculate income from continuing ops - ANSWER-sales rev - cogs - admin exp +
gain
In a multiple step income statement for a retail company, all of the following
are included in the operating section EXCEPT: - ANSWER-dividend rev
,In the Revenues section of the 2016 income statement, Baer Food should have
reported total revenues of: - ANSWER-sales rev + interest rev + gain
Which of the following items is NOT included in the determination of income
from continuing operations? (CMA) - ANSWER-discontinued ops
In a previous year, a supply warehouse with an expected useful life of 7 years
was erroneously expensed. Where should this item appear on the company's
current income statement? - ANSWER-This requires the correction of an error
and is considered to be a prior period adjustment and the beginning balance of
Retained Earnings should be restated, if material.
Which of the following items would be subject to intraperiod tax allocation
(i.e., net of tax treatment)? - ANSWER-Reporting of Discontinued Operations
EPS calculation - ANSWER-NI - Preferred Stock Div / CS
On January 1, 2017, Richards Inc. had cash and common stock of $60,000. At
that date, the company had no other asset, liability, or equity balances. On
January 2, 2017, it purchased for cash $20,000 of debt securities that it
classified as available for sale. It received interest of $3,000 during the year on
these securities. In addition, it has an unrealized holding gain on these
securities of $4,000. What is the amount of 2017 net income, ignoring taxes?
What is the amount of 2017 comprehensive income?
What is the amount of other comprehensive income for 2017?
What is the amount of accumulated other comprehensive income at the end of
2017 and on what financial statement would it be found? - ANSWER-3000
term bonds - ANSWER-a bond that matures on a single date
mortgage bond - ANSWER-a mortgage secured by real estate
debenture bond - ANSWER-a bond that is unsecured
income bond - ANSWER-a bond that pays no interest unless the issuing
company is profitable
callable bond - ANSWER-a bond that may be called and retired by the issuer
prior to maturity
registered bond - ANSWER-a bond which is issued in the name of the owner
and require surrender of the certificate and issuance of a new certificate to
a bearer or coupon bond - ANSWER-not recorded in the name of the owner
and may be transferred from one owner to another by mere delivery
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