Income tax expense in interim reporting should:
a. be based on the quarterly income only.
b. contain a judgment estimation of the annual effective tax rate.
c. be based on the income year-to-date.
d. exclude extraordinary items in earlier quarters of the year.
e. disregard year-end adjustments.
B
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A corporation is a legal entity
A) held jointly by its owners and management. B) separate from its owners. C) formed by the laws of the U.S. Department of Commerce. D) under the laws established by the SEC.
In a year-to-year change analysis when an item has value in the base year and none in the next period, an analyst would:
a. take the reciprocal of the calculated percentage change divided by the first year's absolute number. b. reach the conclusion that a meaningful percentage change cannot be calculated. c. calculate the decrease at 100%. d. use the difference between the two years as the numerator and last year's income from continuing operations as the denominator.
The coefficient of determination has a value between ______.
A. 0 and 1 B. –1 and +1 C. –? and +? D. –1 and 0
Revenue and expense accounts at the beginning of the accounting period, and at the end of the accounting period after the post-closing trial balance has been prepared, should have:
a. zero balances. b. positive balances. c. a net balance (credits minus debits) equal to the capital account. d. a net balance (credits minus debits) equal to total assets. e. negative balances.