Q1. Changes in asset lives and salvage value are changes in accounting: A) principle and specific disclosures are required. B) estimates and specific disclosures are required. C) estimates and no specific disclosures are required.
Q2. Retrospective presentation is least likely required for a change: A) from percentage-of-completion to completed contract revenue recognition. B) from LIFO to average cost inventory valuation. C) from zero salvage value to positive salvage value.
Q3. All the following items are reported net of taxes below net income from continuing operations on the income statement EXCEPT: A) unusual or infrequent items. B) extraordinary items. C) expropriations by foreign governments.
Q4. Which of the following is least likely reported net of tax on the income statement under U.S. GAAP?
A) Income from discontinued operations. B) Interest expense. C) Extraordinary items.
Q5. Which of the following statements is regarding the income statement is least accurate?
A) Items that are unusual in nature or infrequent in occurrence appear below income from continuing operations on a pretax basis. B) Extraordinary items are both unusual in nature and infrequent in occurrence. Extraordinary items are disclosed net of taxes after income from continuing operations in the income statements. C) The results of discontinued operations are reported below income from continuing operations on the income statement net of taxes.
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发表于 2009-1-17 09:18
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