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F. Naz
F. Naz, Chartered Accountant
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Experience:  Experience with chartered accountancy
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All of the following are typically included in the Managements

Customer Question

All of the following are typically included in the Management's Discussion and Analysis in annual reports except:
a. journal entries.

b. management's assessment of liquidity.

c. off-balance-sheet arrangements.

d. explanations of any significant changes between the current and prior years' financial statements
Which of the following would appear as an extraordinary item on the income statement?
a. liquidating dividend

b. loss from land condemned for public use

c. gain resulting from the disposal of a segment of the business

d. loss resulting from the sale of fixed assets

A loss on disposal of a segment would be reported in the income statement as a(n)
a. selling expense

b. administrative expense

c. deduction from income from continuing operations

d. other expense


Which of the following is considered an unusual item affecting the prior period's income statement?
a. Errors

b. Extraordinary item

c. Fixed asset impairments

d. Discontinued operations

Which of the following is considered an unusual item affecting the prior period's income statement?
a. Extraordinary item

b. Fixed asset impairments

c. Change in accounting principles

d. Discontinued operations
Submitted: 3 years ago.
Category: Homework
Expert:  F. Naz replied 3 years ago.

ll of the following are typically included in the Management's Discussion and Analysis in annual reports except:
a. journal entries.

Which of the following would appear as an extraordinary item on the income statement?


c. gain resulting from the disposal of a segment of the business



A loss on disposal of a segment would be reported in the income statement as a(n)


c. deduction from income from continuing operations




Which of the following is considered an unusual item affecting the prior period's income statement?
a. Errors


Which of the following is considered an unusual item affecting the prior period's income statement?


c. Change in accounting principles

 

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F. Naz, Chartered Accountant
Category: Homework
Satisfied Customers: 4251
Experience: Experience with chartered accountancy
F. Naz and 8 other Homework Specialists are ready to help you
Customer: replied 3 years ago.
If the bonds are purchased between interest dates, the purchase price includes accrued interest since the last interest payment.
a. True
b. False
When long-term investments in bonds are sold before their maturity date, the seller would receive the sales price less commissions plus any accrued interest since the last interest payment date.
a. True
b. False
If the proceeds from the sale of bonds held as a long-term investment exceed the carrying amount of the bonds, a gain is realized.
a. True
b. False
Any gains or losses on the sale of long-term investments normally would be reported in the Other Income or Other Loss section of the income statement.
a. True
b. Fals
Held-to-maturity securities maturing beyond a year are reported as noncurrent assets.
a. True
b. False
Bonds payable would be listed at their carrying value on the balance sheet.
a. True
b. False
The fair market value of bond investments should be disclosed, either on the face of the financial statements or in an accompanying note.
a. True
b. False
Investment in Bonds are reported on the balance sheet at lower of cost or market.
a. True
b. False
Investment in Bonds is listed on the balance sheet after Bonds Payable.
a. True
b. False
Comprehensive income is all changes in stockholders' equity during the period except those resulting from dividends and stockholders' investment.
a. True
b. False
Other comprehensive income transactions should be reported net of taxes.
a. True
b. False
Other comprehensive income transactions should be reported net of taxes.
a. True
b. False
The cumulative effects of other comprehensive income items must be reported separately from retained earnings and paid-in capital, on the balance sheet, as accumulated other comprehensive income.
a. True
b. False
Comprehensive income does not affect net income or retained earnings.
a. True
b. False
Available-for-sale securities are securities that management expects to sell in the future, but are not actively traded for profit.
a. True
b. False
Temporary investments are reported on the balance sheet at cost.
a. True
b. False
Any difference between the fair market values of the securities and their cost is a realized gain or loss.
a. True
b. False
The equity method causes the investment account to mirror the proportional changes in book value of the investee.
a. True
b. False
The equity method is usually more appropriate for accounting for investments where the purchaser does not have significant influence over the investee.
a. True
b. False
Cash flows from investing activities, as part of the statement of cash flows, include payments for the purchase of treasury stock.
a. True
b. False
The main disadvantage of the direct method of reporting cash flows from operating activities is that the necessary data are often costly to accumulate.
a. True
b. False
Cash outflows from financing activities include the payment of cash dividends, the acquisition of treasury stock, and the repayment of amounts borrowed.
a. True
b. False
In preparing the cash flows from operating activities section of the statement of cash flows by the indirect method, the net decrease in inventories from the beginning to the end of the period is added to net income for the period.
a. True
b. False
If $475,000 of bonds payable are sold at 101, $475,000 would be reported in the cash flows from financing activities section of the statement of cash flows.
a. True
b. False
Net income was $ 51,000 for the year. The accumulated depreciation balance increased by $14,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. Under the indirect method, the cash flow from operations is $37,000
a. True
b. False
Net income for the year was $29,500. Accounts receivable increased $2,500, and accounts payable increased $5,400. Under the indirect method, the cash flow from operations is $32,400.
a. True
b. False
Under the indirect method, expenses that do not affect cash are added to net income in the operating activities section of the statement of cash flows.
a. True
b. False
Cash inflows and outflows are not netted in any activity section of the statement of cash flows but are separately disclosed to give the reader full information.
a. True
b. False
The Investing and Financing sections for the indirect and direct statement of cash flows are the same for the same period of the same company.
a. True
b. False
To determine cash payments for merchandise for the cash flow statement using the direct method, a decrease in accounts payable is added to the cost of merchandise sold.
a. True
b. False
To determine cash payments for operating expenses for the cash flow statement using the direct method, a decrease in prepaid expenses is added to operating expenses other than depreciation.
a. True
b. False
To determine cash payments for income tax for the cash flow statement using the direct method, an increase in income taxes payable is added to the income tax expense.
a. True
b. False
Free cash flow is cash flow from operations, less cash used to purchase fixed assets to maintain productive capacity and cash used for dividends.
a. True
b. False
Financial statements showing the current year's financial data in one column and preceding years' financial data in other columns are called horizontal statements.
a. True
b. False
Comparable financial statements are designed to compare the financial statements of two or more corporations.
a. True
b. False
The percentage analysis of increases and decreases in corresponding items in comparative financial statements is referred to as horizontal analysis.
a. True
b. False
Horizontal analysis may compare three or more statements and the earliest year could be used as the base year.
a. True
b. False
The relationship of each asset item as a percent of total assets is an example of vertical analysis.
a. True
b. False
In a common size income statement, each item is expressed as a percentage of net income.
a. True
b. False
The current ratio is sometimes called the bankers' ratio.
a. True
b. False
A balance sheet shows cash, $75,000; marketable securities, $115,000; receivables, $150,000 and $222,500 of inventories. Current liabilities are $225,000. The current ratio is 2.5 to 1.
a. True
b. False
Inventory turnover shows how many times the average inventory was sold
Expert:  F. Naz replied 3 years ago.
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