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Statement of Comprehensive Income
Statement of Comprehensive Income MCQs
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In a multiple-step income statement for a retail company, all of the following are included in the operating section except
Sales.
Cost of goods sold.
Dividend revenue.
Administrative and selling expenses.
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Net losses on firm purchase commitments to acquire goods for inventory result from a contract price that exceeds the current market price. If a firm e...
Should be recognized in the accounts and separately disclosed as losses on the income statement of the period during which the decline in price takes place.
Should be recognized in the accounts and separately disclosed as net unrealized losses on the balance sheet at the end of the period during which the decline in price takes place.
Should be recognized in the accounts and separately disclosed as net unrealized losses on the balance sheet at the end of the period during which the contract is executed.
Should not be recognized in the accounts until the contract is executed and need not be separately disclosed in the financial statements.
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When reporting extraordinary items,
Each item (net of tax) is presented on the face of the income statement separately as a component of net income for the period.
Each item is presented exclusive of any related income tax.
Each item is presented as an unusual item within income from continuing operations.
All extraordinary gains or losses that occur in a period are summarized as total gains and total losses, then offset to present the net extraordinary gain or loss.
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Which one of the following items is included in the determination of income from continuing operations?
Discontinued operations.
Extraordinary loss.
Cumulative effect of a change in an accounting principle.
Unusual loss from a write-down of inventory.
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Which one of the following would be shown on a multiple-step income statement but not on a single-step income statement?
Loss from discontinued operations.
Gross profit.
Extraordinary gain.
Net income from continuing operations.
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Because of inexact estimates of the service life and the residual value of a plant asset, a fully depreciated asset was sold in the current year at a ...
In the other revenues and gains section of the current income statement.
As part of sales revenue on the current income statement.
In the extraordinary item section of the current income statement.
As an adjustment to prior periods’ depreciation on the statement of changes in equity.
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An entity has a 50% gross margin, general and administrative expenses of $50, interest expense of $20, and net income of $10 for the year just ended. ...
$90
$135
$150
$180
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Assume that employees confessed to a $500,000 inventory theft but are not able to make restitution. How should this material fraud be shown in the com...
Classified as a loss and shown as a separate line item in the income statement.
Initially classified as an accounts receivable because the employees are responsible for the goods. Because they cannot pay, the loss would be recognized as a write-off of accounts receivable.
Included in cost of goods sold because the goods are not on hand, losses on inventory shrinkage are ordinary, and it would cause the least amount of attention.
Recorded directly to retained earnings because it is not an income-producing item.
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An entity had the following opening and closing inventory balances during the current year: ................................1/1............ ...
$1,480,000
$1,500,000
$1,610,000
$1,650,000
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The profit and loss statement of Madengrad Mining includes the following information for the current fiscal year: Sales.................................
$46,110
$49,890
$49,890
$113,890
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If the beginning balance for May of the materials inventory account was $27,500, the ending balance for May is $28,750, and $128,900 of materials were...
$101,400
$127,650
$130,150
$157,650
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Given the following data for Scurry Company, what is the cost of goods sold? Beginning inventory of finished goods.. $100,000 Cost of goods manufa...
$500,000
$600,000
$800,000
$950,000
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The following information was taken from last year’s accounting records of a manufacturing company. Inventory.......................January 1....
$460,500 and $489,500, respectively.
$468,500 and $439,500, respectively.
$468,500 and $470,900, respectively.
$646,500 and $617,500, respectively.
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Comprehensive income is best defined as
Net income excluding extraordinary gains and losses.
The change in net assets for the period including contributions by owners and distributions to owners.
Total revenues minus total expenses.
The change in net assets for the period excluding owner transactions.
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The financial statement that provides a summary of the firm’s operations for a period of time is the
Income statement.
Statement of financial position.
Statement of shareholders’ equity.
Statement of retained earnings.
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The following information pertains to Maynard Corporation’s income statement for the 12 months just ended. The company has an effective income tax r...
$36,000
$12,000
$8,000
$(24,000)
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Which of the following items is not classified as other comprehensive income (OCI)?
Extraordinary gains from extinguishment of debt.
Foreign currency translation adjustments.
Prior service cost adjustment resulting from amendment of a defined benefit pension plan.
Unrealized gains for the year on available-for-sale marketable securities.
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Which of the following are acceptable formats for reporting comprehensive income? I. In one continuous financial statement II. In a statement of cha...
I and II only.
I, II, and III only.
III and IV only.
I and IV only.
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A company reports the following information as of December 31: Sales revenue .......................................$800,000 Cost of goods sold........
$30,000
$110,000
$140,000
$200,000
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Crawford Company is researching a future change to IFRS. Which one of the following items reported on Crawford’s income statement under U.S. GAAP is...
Crawford values its merchandise inventory using average cost.
Crawford uses a multiple-step approach for its income statement.
Crawford uses historical cost to value its land, buildings, and intangible assets even though the value of the land and building are greater than book value.
Crawford’s current-year income statement includes an extraordinary loss.
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All of the following are defined as elements of an income statement except
Expenses.
Shareholders’ equity.
Gains and losses.
Revenues.
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To comply with the matching principle, the cost of labor services of an employee who participates in the manufacturing of a product normally should be...
Work is performed.
Employee is paid.
Product is completed.
Product is sold.
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Which one of the following errors will result in the overstatement of net income?
Overstatement of beginning inventory
Overstatement of ending inventory
Overstatement of goodwill amortization
Overstatement of bad debt expense.
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The following information applies to the income statement of Addison Company: Gross sales....................... $1,000,000 Net sales.................
$550,000
$560,000
$740,000
$800,000
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Unrealized gains and losses on trading securities should be presented in the
Statement of financial position.
Income statement.
Notes to the financial statements.
Statement of retained earnings.
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On July 1, Year 1, Denver Corp. purchased 3,000 shares of Eagle Co.’s 10,000 outstanding shares of common stock for $20 per share but did not elect...
$36,000
$18,000
$12,000
$6,000
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When an equity security is appropriately carried and reported as securities available for sale, a gain should be reported in the income statement:
When the fair value of the security increases.
When the present value of the security increases.
Only when the Dow Jones Industrial Average increases at least 100 points.
Only when the security is sold.
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Unrealized holding gains and losses on securities available for sale would have the following effects on accumulated other comprehensive income:
Gains: Increase; Losses: Increase
Gains: Decrease; Losses: Decrease
Gains: Decrease; Losses: Increase
Gains: Increase; Losses: Decrease
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On January 2, 2010, Howdy Doody Corporation purchased 12% of Ranger Corporation’s common stock for $50,000 and classified the investment as ava...
$26,000.
$7,200.
$20,000.
$27,200.
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Jeremiah Corporation purchased securities during 2011 and classified them as securities available for sale: (FV = Fair Value) SecA: Cost:40k FV(12/3...
$0.
$16,000.
$20,000.
None of the above is correct.
