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Accounting Ch. 11

End-of-Chapter Quiz Questions

QuestionAnswer
The quality of earnings suggests that: Income from continuing operations is better than income from one-time transactions
True or False. Extraordinary items are part of discontinued operations. False
True or False. Discontinued operations are a separate category on the income statement. True
True or False. Extraordinary items are combined with continuing operations on the income statement. False
Stafford Corporation earned $5.12 per share of its common stock. Suppose you capitalize Stafford's income at 4%. How much are you willing to pay for a share of Stafford's stock? $128.00 ($5.12/.04)
Why is it important for companies to report their accounting changes to the public? It is important for the results of operations to be compared between periods
What other income includes unrealized gains and losses on investments? Comprehensive Income
Never Lost Systems earned income before tax of $190,000. Taxable income was $165,000, and the income tax rate was 35%. How did Never Lost record their income tax in their journal entry? Income Tax Expense 66,500 Income Tax Payable 57,750 Deferred Tax Liability 8,750
Deferred Tax Liability is usually: Type of Account: LONG-TERM; Reported on the: BALANCE SHEET
The main purpose of the statement of stockholders' equity is to report: Reasons for changes in the equity accounts
What type of report, by independent accountants, gives investors assurance that the company's financial statements conform to GAAP? An Auditor Report
Created by: 1482116593