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ACG 3131 Exam 2 Questions and Correct Answers
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The income statement can be used to assess liquidity. solvency. creditworthiness. all of these answer choices are correct. C Which of the following occur from peripheral or incidental transactions? Operating expenses. Gain on the sale of equipment. Sales revenue. Cost of goods sold. B Whi...

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  • August 11, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acg 3131 exam 2 questions and correct answers
  • the income statement can be used to assess
  • which of the following occur from peripheral or in

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ACG 3131 Exam 2 Questions and
Correct Answers
The income statement can be used to assess

liquidity.

solvency.

creditworthiness.

all of these answer choices are correct. ✅C

Which of the following occur from peripheral or incidental transactions?


Operating expenses.

Gain on the sale of equipment.

Sales revenue.

Cost of goods sold. ✅B

Which of the following is an acceptable method of presenting the income statement?

A classified income statement.

A current operating performance income statement.

A condensed income statement.

None of these answer choices are correct. ✅C

Which of the following would be reported in a separate income statement category,
separately from continuing operations, on the income statement?

Unusual gains.

Income tax expense.

Unusual losses.

Discontinued operations. ✅D

, Discontinued operations occur when a company eliminates the results of operations of a
component of the business. The elimination of the component need not represent a
strategic shift, having a major effect on the company's operations and financial results.

True

False ✅F

Companies are required to highlight certain items in the financial statements so that
users can better determine the long-run earning power of the company. Which of the
following is not one of those items?

Noncontrolling interest.

Changes in accounting principle.

Discontinued operations.

Unusual gains and losses. ✅B

Earnings per share (EPS) is net income minus preferred dividends (income available to
common stockholders), divided by the weighted average of common shares
outstanding.

True

False ✅T

When a company transfers an amount of restricted retained earnings into a different
account, that account is titled

Noncontrolling Retained Earnings.

Appropriated Retained Earnings.

Unappropriated Retained Earnings.

Comprehensive Retained Earnings. ✅B

An advantage of the nature-of-expense method under IFRS is that it

is simple to apply.

is viewed as more relevant.

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