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General Features of Financial Statements
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a financial statement which shows the performance of the enterprise for a given period of time. It is primarily measured in terms of level of income earned by the enterprise through effective and efficient utilization of its resources.
a financial statement which shows the performance of the enterprise for a given period of time. It i...
Statement of Financial Performance (Income Statement)
In presenting statement of financial position, an entity
a. Must make the current and noncurrent presentation
b. Must present assets and liabilities in order of liquidity
c. Must choose either the current and noncurrent or the liquidity presentation
d. Must make the current and noncurrent presentation except when a presentation based on
liquidity provides information that is reliable and more relevant.
In presenting statement of financial position, an entity
a. Must make the current and noncurrent pr...
d. Must make the current and noncurrent presentation except when a presentation based on
liquidity provides information that is reliable and more relevant.
Current and noncurrent presentation provides useful information when the entity
a. Supplies goods or services w/in a clearly identifiable operating cycle
b. Is a financial information
c. Is a public utility
d. Is a non-profit organization
Current and noncurrent presentation provides useful information when the entity
a. Supplies goods o...
a. Supplies goods or services w/in a clearly
W/c of the following is not a method of disclosing pertinent information?
a. Supporting schedule
b. Parenthetical explanation
c. Cross reference and contra items
d. All of these are the methods of disclosing pertinent information
W/c of the following is not a method of disclosing pertinent information?
a. Supporting schedule
b. ...
d. All of these are the methods of disclosing pertinent information
W/c of the following events after reporting period would require adjustment?
a. Loss of plant as a result of fire
b. Decline in the value of investment
c. Loss on inventory due to major flood loss
d. Loss on lawsuit the outcome of which was deemed uncertain at year-end.
W/c of the following events after reporting period would require adjustment?
a. Loss of plant as a r...
a. Loss of plant as a result of fire
All of the following fall w/in the definition of an entity’s related party, except
a. Joint venture in w/c the entity is a venturer.
b. A postemployment benefit plan for the benefit of the employees of the entity.
c. An executive director of the entity.
d. The partner of a key manager is major supplier of the entity.
All of the following fall w/in the definition of an entity’s related party, except
a. Joint ventur...
d. The partner of a key manager is major supplier of the entity.
Close family members of an individual include all of the following, except
a. The individual’s spouse and children
b. Children of the individual’s spouse
c. Dependents of the individual or the individual’s spouse
d. Brother or sister of the individual
Close family members of an individual include all of the following, except
a. The individual’s spo...
d. Brother or sister of the individual
All of the following events after the reporting period should be classified as nonadjusting,except
a. The entity announced the discontinuance of assembly operation.
b. The entity entered into an agreement to purchase the leased building.
c. Destruction of a major production plant by fire.
d. A mistake in the calculation of allowance for uncollectible accounts receivable.
All of the following events after the reporting period should be classified as nonadjusting,except
a...
b. The entity entered into an agreement to purchase the leased building.
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