Accounting Ch. 11 Word Scramble
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| Question | Answer |
| 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 |
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