Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

11 6 This year, we discovered that two years ago we sold a plece of land, but failed to record the gain. A We account

image text in transcribed

11 6 This year, we discovered that two years ago we sold a plece of land, but failed to record the gain. A We account for this prospectively B We account for this retrospectively As management, we can choose whether to account for this either prospectively or retrospectively G 7 22 This year, consolidated financial statements will be prepared with the parent and 7 subsidiaries. Last year, there were only 6 subsidiaries in the consolidation A We account for this prospectively B We account for this retrospectively As management, we can choose whether to account for this either prospectively or retrospectively 8 In the cash flows from operating section of the statement of cash flows indirect method) what do we do with "depreciation expense"? addit subtract it either add it or subtract it, depending on the circumstances D It would not go in the cash flows from operating activities section B 30 OL 30 T Our company had a million common shares outstanding at the beginning of the year. Stock ortions were exerdsable during the year and preferred stock was convertible. Some additional common shares were issued April 1. When calculating basic earnings per share, what would be the denominator? The number of common shares outstanding at the beginning of the year The number of common shares outstanding at the end of the year The weighted average number of common shares outstanding during the fiscal year The weighted average number of common shares outstanding plus the number of preferred shares outstanding during the year A B D 2 20 LL 10 3 LG 27 "Fair value adjustment" goes on which financial statement? income statement B balance sheet retained earnings statement D tax return 11 Forms of payment to employees the value of which is dependent on the value of the company's stock are called A salary B promotion share based compensation D holding gains and losses 12 For a corporation, we calculate earnings per share on both common stock and preferred stock B preferred stock but not common stock neither common stock nor preferred stock D common stock but not preferred stock 13 An addition to or reduction in the beginning retained earnings balance in a statement of shareholders' equity is called what? A foreign currency translation adjustment B holding gain or loss future period adjustment prior period adjustment D

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 7 - Cash Versus Accrual

Authors: Kate Mooney

1st Edition

0071719296, 9780071719292

More Books

Students also viewed these Accounting questions