1) In distinguishing between revenues and gains, which of the following statements is false?

GAAP does not provide precise distinctions between revenues and gains.

Gains are associated more with peripheral, nonoperating activities than are revenues.

Revenues are reported net (rather than gross) more often than gains.

More gains than revenues are beyond the entity's control.

2) The income statement helps users

review the impact of economic factors affecting the company.

assess the company's risk.

compare and contrast performance against a competitor.

All of these answer choices are ways in which the income statement helps users.

3) The income statement is an important financial statement for all of the following reasons, except

the income statement provides useful information concerning the corporation's ability to generate sufficient cash flows from operations for use in payment of its operating obligations.

past income statements can be useful indicators in predicting current and future cash dividend payments as well as future stock prices.

the income statement reports the amount of net cash inflows resulting from operating, financing, and investing activities to users.

the income statement helps shareholders evaluate management's operating effectiveness.

4) Revenue is recognized when:

a company has satisfied its performance obligation to the customer.

it has been earned and is realized or realizable.

a company bills the customer for the goods that have been delivered or the services performed.

a seller collects cash from a customer.

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