Which of the following is not true?
a. Gains (losses) are increases (decreases) in net assets from peripheral or incidental transactions of an entity and from other transactions and events affecting the entity except those that result from revenues (expenses) or investments by (distributions to) owners.
b. Firms usually report gains and losses from sales of assets or settlements of liabilities at a net amount; that is, equal to the difference between the net asset received and the carrying value of the asset sold or between the net asset given and the carrying value of the liability settled.
c. Gains and losses may arise from the remeasurement of assets and liabilities.
d. Firms realize gains and losses when they sell or exchange assets or settle liabilities in market transactions.
e. Firms realize gains and losses when those items enter the measurement of net income or other comprehensive income.
E
You might also like to view...
A negative balance for retained earnings due to cumulative net losses is called a(n)
A) ?deficit. B) ?retained loss. C) ?retained debit. D) ?other comprehensive loss.
The information needs of retail managers are collected, organized, and stored on a continuous basis in _____
a. observation b. retail research c. an experiment d. a retail information system
Nebraska Co. is reviewing a capital investment of $100,000. This project's projected cash flows over a five-year period are estimated at $35,000 each year. Required:(a) Calculate the payback period.(b) Calculate the break-even time. Assume a 12% hurdle rate and use the table below:Present ValuePeriods of 1 at 12%1…… 0.89292…… 0.79723…… 0.71184…… 0.63555…… 0.5674(c) Using the results in (a) and (b), make a recommendation for the project.
What will be an ideal response?
Classification analysis assigns information or data into one of a predefined set of classes.
Answer the following statement true (T) or false (F)