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Test Bank For Intermediate Accounting 9th Edition By Spiceland

ISBN-10 ‏ : ‎ 125972266X
ISBN-13 ‏ : ‎ 978-1259722660
Publisher ‏ : ‎ McGraw Hill; 9th edition
Authors: David Spiceland, Mark Nelson, Wayne Thomas

Original price was: $50.00.Current price is: $18.00.

SKU:TB000745

Test Bank For Intermediate Accounting 9th Edition By Spiceland

Chapter 4 The Income Statement, Comprehensive Income, and the Statement of Cash Flows

True/False Questions

  1. Income from continuing operations sometimes includes gains from nonoperating activities.

    Answer: True
    Level of Learning: 1 Easy
    Learning Objective: 04-01
    Topic Area: Continuing operations―Components Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical thinking
    AICPA: FN Measurement

  2. The single-step format of the income statement first lists all the revenues and gains included in income from continuing operations.

    Answer: True
    Level of Learning: 1 Easy
    Learning Objective: 04-01
    Topic Area: Income statement―Single-step format Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical thinking
    AICPA: FN Measurement

  3. The single-step format of the income statement does not separately report nonoperating gains in the revenues section of the income statement.

    Answer: False
    Level of Learning: 2 Medium
    Learning Objective: 04-01
    Topic Area: Income statement―Single-step format Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical thinking
    AICPA: FN Measurement

  4. The multiple-step format of the income statement reports a series of intermediate subtotals such as gross profit, operating income, and income before taxes.

    Answer: True
    Level of Learning: 1 Easy
    Learning Objective: 04-01
    Topic Area: Income statement―Multiple-step format Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical thinking
    AICPA: FN Measurement

4–1

Chapter 4 The Income Statement, Comprehensive Income, and the Statement of Cash Flows

  1. Intraperiod tax allocation is the process of associating income tax effects with the income statement components that create those effects.

    Answer: True
    Level of Learning: 1 Easy
    Learning Objective: 04-04
    Topic Area: Discontinued operations Blooms: Remember
    AACSB: Reflective thinking AICPA: BB Critical thinking AICPA: FN Measurement

  2. Material restructuring costs are reported as an element of income from continuing operations.

    Answer: True
    Level of Learning: 1 Easy
    Learning Objective: 04-03
    Topic Area: Earnings quality – Restructuring costs Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical thinking
    AICPA: FN Measurement

  3. Restructuring costs most often refer to costs associated with management’s plans to materially change the scope of business operations or the manner in which they are conducted.

    Answer: True
    Level of Learning: 1 Easy
    Learning Objective: 04-03
    Topic Area: Earnings quality – Restructuring costs Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical thinking
    AICPA: FN Measurement

  4. Earnings quality refers to the ability of reported earnings (income) to predict future earnings.

    Answer: True
    Level of Learning: 1 Easy
    Learning Objective: 04-02
    Topic Area: Earnings quality―Management practices Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical Thinking
    AICPA: FN Risk Analysis

4–2

Chapter 4 The Income Statement, Comprehensive Income, and the Statement of Cash Flows

  1. Income from continuing operations consists only of those items expected to be permanent components of earnings.

    Answer: False
    Level of Learning: 1 Easy
    Learning Objective: 04-02
    Topic Area: Earnings quality―Components Blooms: Remember
    AACSB: Reflective thinking
    AICPA: BB Critical Thinking
    AICPA: FN Risk Analysis

  2. Interest expense typically is considered a temporary component of earnings.

    Answer: False
    Level of Learning: 2 Medium
    Learning Objective: 04-02
    Topic Area: Earnings quality―Components Blooms: Understand
    AACSB: Reflective thinking
    AICPA: BB Critical Thinking
    AICPA: FN Risk Analysis

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