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ACCT 304 Week 8 Final Exam: Financial Reporting And Income Analysis

Final exam covering financial reporting and income analysis.

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ACCT304 Week 8 Final Exam: Financial Reporting And Income AnalysisACCT 304 WEEK 8 FINAL EXAM1. Income from continuing operations sometimes includes gains from nonoperating activities. (2points)TrueFalse2. Income from continuingoperations is an after-tax number consisting of revenues, expenses,gains, and losses. (2 points)TrueFalse3. Income from continuing operations equals net income only in the absence of separatelyreported items. (2 points)TrueFalse4.Intraperiod tax allocation is the process of associating income tax effects with the incomestatement components that create those effects. (2 points)TrueFalse5. If the effective tax rate is 40%, a $200,000 before-tax extraordinary gain would increase netincome by $120,000. (2 points)TrueFalse6. If General Motors ceased production of the Corvette, it would report any material gains orlosses that would result under discontinued operations. (2 points)TrueFalse7. Discontinued operations require reclassification of prior years' income statements but nochange in prior years' net income. (2 points)TrueFalse8. Operating income or loss from discontinued operations up to the disposal date is separatelyreported. (2 points)TrueFalse9. The measurement and disposal dates of discontinued operations must fall within the samefiscal year. (2 points)TrueFalse10. If an overall loss from discontinued operations is expected, then the loss is reported in theyear in which the measurement date falls. (2 points)

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Document Details

University
DeVry University
Course
ACCT 304
Subject
Accounting

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