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Shareholders' equity consists of what three components: Select one or more: a

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1. Shareholders' equity consists of what three components:
   Select one or more:
   a. Liabilities, contributed capital, and accumulated other comprehensive income.
   b. Contributed capital, accumulated other comprehensive income, and retained earnings.
   c. Liabilities, contributed capital, and retained earnings.
   d. Assets, liabilities, and contributed capital.
2. When income tax expense for a period is greater than income tax payable the difference will be reported how and on which financial statement?
   Select one or more:
   a. Deferred tax asset and Statement of Cash Flows
   b. Deferred tax liability and Balance Sheet
   c. Deferred tax asset and Balance Sheet
   d. Deferred tax liability and Statement of Cash Flows
3. U.S. GAAP, IFRS, and other major accounting standards are best characterized as:
   Select one or more:
   a. acquisition cost accounting models.
   b. mixed attribute accounting models.
   c. current value accounting models.
   d. historical accounting models.
4. Which of the following transactions is consistent with recognizing value changes on the balance sheet and income statement when they are realized in a market transaction?
   Select one or more:
   a. Translating foreign operations accounted for in Yen back to U.S. dollars in order to prepare consolidated financial statements.
   b. Writing down the value of an asset due to obsolescent.
   c. Recording an increase in the fair value of investments at year end.
   d. Selling land at a cost greater than its original purchase price.
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5. Disregarding cash flows with owners, over sufficiently long periods of time, net income equals:
   Select one or more:
   a. stockholders' equity
   b. assets minus liabilities
   c. cash inflows minus cash outflows
   d. revenues minus dividends and expenses
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6. Fish Farm Corporation purchases a new tract of land on which it is going to build new growing and holding tanks in order to expand its business. Which of the following costs would not be part of the cost of the land?
   Select one or more:
   a. costs of tearing down an existing structure
   b. cost of the new holding tanks
   c. costs to run a title search
   d. costs of grading to level the land
7. The net amount a firm would receive if it sold an asset or the net amount it would pay to settle a liability is referred to as:
   Select one or more:
   a. current replacement cost
   b. acquisition cost
   c. net realizable value
   d. current cost
8. Which of the following assets appears on the balance sheet at Historical cost?
   Select one or more:
   a. Equipment
   b. Accounts Payable
   c. Investments in Marketable Securities
   d. Notes Payable
9. Firms may not include all income taxes for a period on the line for income tax expense in the income statement. Other places that income tax expenses may occur include all of the following except:
   Select one or more:
   a. Common Stock
   b. Discontinued Operations
   c. Other Comprehensive Income
   d. Extraordinary Items
10. Present value methods are often used with receivables and liabilities:
    Select one or more:
    a. When assets are sold in the middle of the accounting cycle.
    b. When fair values can be easily determined.
    c. With payment schedules in excess of one year.
    d. With payment schedules of less than one year.