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






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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...






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When reporting extraordinary items,






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Which one of the following items is included in the determination of income from continuing operations?






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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?






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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 ...






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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. ...






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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...






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An entity had the following opening and closing inventory balances during the current year: ................................1/1............ ...






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The profit and loss statement of Madengrad Mining includes the following information for the current fiscal year: Sales.................................






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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...






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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...






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The following information was taken from last year’s accounting records of a manufacturing company. Inventory.......................January 1.........






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Comprehensive income is best defined as






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The financial statement that provides a summary of the firms operations for a period of time is the






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The following information pertains to Maynard Corporations income statement for the 12 months just ended. The company has an effective income tax rat...






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Which of the following items is not classified as other comprehensive income (OCI)?






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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...






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A company reports the following information as of December 31: Sales revenue .......................................$800,000 Cost of goods sold........






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Crawford Company is researching a future change to IFRS. Which one of the following items reported on Crawfords income statement under U.S. GAAP is r...






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All of the following are defined as elements of an income statement except






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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...






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Which one of the following errors will result in the overstatement of net income?






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The following information applies to the income statement of Addison Company: Gross sales....................... $1,000,000 Net sales.................






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Unrealized gains and losses on trading securities should be presented in the






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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 t...






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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:






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Unrealized holding gains and losses on securities available for sale would have the following effects on accumulated other comprehensive income:






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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 availabl...






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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...