For income reporting purposes, items can appear in any of the following components of the income statement, the statement of retained earnings, and related schedules and footnotes:
a. income from continuing operations or supporting schedules
b. results from discontinued operations
c. statement of comprehensive income
d. statement of retained earnings
e. disclosure
Several items of accounting information are listed below:
____ 1. Selling expenses
?____ 2. Loss on sale of plant assets
____ 3. Unrealized losses due to market value changes in available-for-sale equity security investments
____ 4. Cash dividends declared on common stock
____ 5. Unrealized gains due to foreign currency translation adjustments
____ 6. Interest revenue
____ 7. Loss on sale of a major component of the business
____ 8. How a company defines cash and cash equivalents
Required: By placing the letters (a-f) in the spaces provided above, identify where the information would be most appropriately reported. If the information would not appear in any of the above components, place an (X) in the space.
What will be an ideal response?
| 1. | a | 5. | c |
| 2. | a | 6. | a |
| 3. | c | 7. | b |
| 4. | d | 8. | e |
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Labor relations is becoming more diverse around the world because of ____________________.
A. Increasing union strength breeds experimentation B. Corporate insistence on workplace flexibility C. Centralization of unions allows unions to learn more about each others various methods D. Government policies designed to encourage experimentation
The officers of a corporation are:
a. chosen by the board of directors. b. appointed by the president of the company. c. elected by shareholders. d. appointed by the Secretary of State.
The flexible budget variance is the difference between expected results in the flexible budget for the actual units sold and the static budget
Indicate whether the statement is true or false
Acceptance of goods precludes the buyer or lessee from exercising the right of rejection
Indicate whether the statement is true or false