ACC 561 WEEK 3 Quiz Chapter 13

ACC 561 WEEK 3 Quiz Chapter 13

ACC 561 WEEK 3 Quiz Chapter 13

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ACC 561 WEEK 3 Quiz Chapter 13

ACC 561 WEEK 3 Quiz Chapter 13

ACC 561 WEEK 3 Quiz Chapter 13 The most likely level of income to be obtained in the future—that is, to extent this year’s net income is a good predictor of future years’ net income is

  1. sustainable income.
  2. net income.
  3. net income adjusted for irregular items.
  4. both sustainable income and the income adjusted for irregular items.

 

  1. Which of the following would be reported as an irregular item?
  2. The gain or loss from the disposal of a significant component of a business.
  3. Loss from damages caused by a hurricane.
  4. Extraordinary items, net of tax.
  5. All of these answer choices are correct.

 

  1. Discontinued operations should be shown in the income statement
  2. as “Other revenues and gains.”
  3. as “Other expenses and losses.”
  4. in a separate section titled “Irregular Item.”
  5. net of tax.

 

  1. Which of the following would affect to quality of earnings?
  2. Alternative accounting methods.
  3. Pro forma income.
  4. Improper recognition.
  5. All of these answer choices are correct.

 

  1. A change in accounting principle is permitted when
  2. management can show that the new principle is preferable to the old principle.
  3. the effects of the change are clearly disclosed in the income statement.
  4. the effect of the change in accounting principle on net income will not be significant.
  5. both management can show that the new principle is preferable to the old principle and the effects of the change are clearly disclosed in the income statement.

 

  1. Comparisons with other companies to provide insight into a company’s competitive position is an
  2. intracompany basis comparison.
  3. intercompany basis comparison.
  4. industry averages comparison.
  5. none of these answer choices are correct.

 

  1. A technique for evaluating a series of financial statement data over a period of time is called
  2. horizontal analysis.
  3. vertical analysis.
  4. ratio analysis.
  5. none of these answer choices are correct.

 

  1. A technique for evaluating financial statement data that expresses each item in a financial statement as a percentage of a base amount is called
  2. horizontal analysis.
  3. vertical analysis.
  4. ratio analysis.
  5. none of these answer choices are correct.

 

  1. Vertical analysis of comparative income statements would show cost of goods sold as a percentage of
  2. total assets.
  3. merchandise inventory.
  4. net sales.
  5. net income.

 

  1. A measure of the ability of an enterprise to survive over a long period of time is a
  2. liquidity ratio.
  3. solvency ratio.
  4. current ratio.
  5. profitability ratio. ACC 561 WEEK 3 Quiz Chapter 13

ACC 561 WEEK 3 Quiz Chapter 13

ACC 561 WEEK 3 Quiz Chapter 13

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