Which of the following is not a required disclosure in an interim financial report?
A. Net income.
B. Significant changes in estimates or provisions for income taxes.
C. Earnings per share.
D. Gross profit.
E. Disposal of a component, net of income taxes.
Answer: D
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The accounting projects portion of the FASB's conceptual framework project deals with all of the following except
A) how elements should be measured B) when various elements should be reported C) which accounting elements should be reported D) how financial reports should be displayed
What is classification analysis?
A. Segmentation of a heterogeneous population of more homogeneous subgroups. B. Assignment of records to one of a predefined set of classes. C. Determination of the values for an unknown continuous variable behavior or estimated future value. D. Determination of which things go together.
Emma, Frick, Glenda, and Huey are employees of different-sized employers in different industries. Under the Fair Labor Standards Act, a minimum wage must be paid to employees in
A. all industries. B. covered industries only. C. no industries. D. small-business industries only.
A company has three products (X, Y, and Z) that it sells, packs, and ships to its customers. Because the products have different sizes they also have different packing and shipping costs, so we will use a new measure-a packing/shipping unit. Because Product Y is the smallest of the three products, we will assign it a value of 1 packing/shipping unit. Product X is twice as big as Product Y and Product Z is four times as big as Product Y. On a monthly basis, this company sells an average of 1,500 units of Product X, 800 units of Product Y, and 60 units of Product Z. If the company spends on average of $3,720 each month on total packing/shipping costs, what amount should it allocate to Product Z per month (to the nearest dollar amount)?
A. $736 B. $169 C. $101 D. $498 E. $221