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Which of the following does not describe an extraordinary gain or loss? Select one or more: a

Accounting

  1. Which of the following does not describe an extraordinary gain or loss?
    Select one or more:
    a. infrequent in occurrence
    b. material in amount
    c. unusual in nature
    d. peripheral to the company's core business
  2. Users of financial statements should consider which of the following when evaluating the quality of accounting information?
    Select one or more:
    a. Reliability of the measurements.
    b. All of these should be considered.
    c. Economic faithfulness of accounting measurements and classifications.
    d. Reasonableness of the estimates made in applying GAAP or IFRS.
  3. The assessment of earnings quality is best accomplished through the use of which one of the following?
    Select one or more:
    a. Single-step financial statements.
    b. Multi-step income statement, balance sheet, and cash flow statement.
    c. Single-step income statement, balance sheet, and cash flow statement.
    d. Balance sheet and cash flow statement.
  4. All of the following are true regarding a high quality balance sheet except:
    Select one or more:
    a. should provide a complete and fair portrayal of all of the firm's obligations at a point in time, including the present value of long-term liabilities for future payments.
    b. It should be optimistic in terms of accounting numbers.
    c. It should minimize measurement error and bias.
    d. It should portray the economic resources that can be reasonably expected to generate future economic benefits.
  5. Income or loss from discontinued operations would best be regarded by an analyst as:
    Select one or more:
    a. impairments.
    b. permanent earnings.
    c. sustainable earnings.
    d. transitory earnings.
  6. Which one of the following is an example of sustainable earnings?
    Select one or more:
    a. A settlement paid by the company for a class action suit.
    b. A gain from corporate restructuring.
    c. Earnings from repeat customers.
    d. A loss from debt retirement.
  7. Many times a financial analyst may decide to make adjustments to the financial statements in order to make the statements more useful. Which of the following would not require an adjustment to the financial statement?
    Select one or more:
    a. A company changes the useful life of its equipment from 5 years to 8 years.
    b. A company incurs a charge related restructuring its operations.
    c. A delivery company incurs a loss from disposition of used delivery trucks.
    d. A company signs a new contract with a customer.
  8. When a company makes a change in an estimate that it has used in its financial statements, it should account for the change by:
    Select one or more:
    a. companies are not allowed to make changes to estimates
    b. spread the effect of the change over the current and future periods
    c. treat the change as a cumulative effect change in accounting estimate
    d. retroactively restating all prior financial statements
  9. Firms' choices and estimates within U.S. GAAP or IFRS should be determined by all of the following except:
    Select one or more:
    a. accelerated management efforts to meet earnings projections.
    b. the company's competitive strategy.
    c. conditions in the company's industry.
    d. firms' underlying economic circumstances
  10. The best measure of a firm's sustainable income is:
    Select one or more:
    a. net income.
    b. income before extraordinary item and change in accounting principle.
    c. income from continuing operations.
    d. income before extraordinary items.

 

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