End-of-Chapter Quiz Questions
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| The quality of earnings suggests that: | Income from continuing operations is better than income from one-time transactions
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| True or False. Extraordinary items are part of discontinued operations. | False
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| True or False. Discontinued operations are a separate category on the income statement. | True
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| True or False. Extraordinary items are combined with continuing operations on the income statement. | False
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| 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)
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| 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
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| What other income includes unrealized gains and losses on investments? | Comprehensive Income
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| 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
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| Deferred Tax Liability is usually: | Type of Account: LONG-TERM; Reported on the: BALANCE SHEET
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| The main purpose of the statement of stockholders' equity is to report: | Reasons for changes in the equity accounts
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| What type of report, by independent accountants, gives investors assurance that the company's financial statements conform to GAAP? | An Auditor Report
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