1)Which of the following is typically included in the determination of income from continuing operations?

A) Other comprehensive income

B) Non-operating gains and losses

C) Gain on disposal of discontinued segment

D) Reserved retained earnings

2)Noncurrent Assets are subject to impairment testing. Which of the following criteria is NOT required to be considered as Held for Sale?

A) The asset can be sold in its present condition

B) Selling price isnt known

C) The asset sale is probable

D) Actively searching for a buyer

3)Which of the following would not be considered a multiple-deliverable arrangement?

A) A product sold with a manufacturer's warranty, where both the product and warranty have separately identifiable revenue streams B) A product sold with a manufacturer's warranty which covers only product assurances, where only the product has a separately identifiable revenue stream C) Customer Loyalty Programs D) Franchise Fees

4)Intraperiod Tax Allocation may NOT be applied to any of the following transactions :

A) Foreign Exchange Re-evaluation

B) Deferred Tax Gain

C) Net Loss on Derivative Financial Instruments

D) Net Investments in Foreign Operations

5) When work to be done and costs to be incurred on a long-term contract cannot be reliably estimated, which of the following methods of revenue recognition is preferable?

A) Percentage-of-completion method B) Completed contract method C) Sales method D) Instalment method

6) Miller Company reports the amortization of bond discount on long-term debt should be presented in a Statement of Cash Flows as a(n):

A) Inflow and outflow of cash. B) Outflow of cash. C) Deduction from net income in the adjustments to reconcile net income to cash from operating activities. D) Addition to net income in the adjustments to reconcile net income to cash from operating activities.

7) Nesbitt Quicks uses the percentage-of-completion method. As such, income recognition on long-term construction contracts shows:

A) No income amount and is closed each period to income summary. B) The ending inventory is the same as it would be if accounted for under the completed contract method. C) The percentage of completion in any year depends on the proportion of billings collected.

D) Income is accumulated in the "Construction-in-Progress" inventory account.

8) Which of the following is not an account type reported in the statement of changes in equity?

A) Accumulated other comprehensive income

B) Controlling interest

C) Contributed surplus

D) Other components of equity

9) During the current period, Canada Revenue Agency assessed a firm a nonrecurring income tax amount (but not a penalty) as a result of a Tax Court case involving a disputed deduction from a prior year (the firm lost the case). This amount should be reported by the firm as a (n):

A) Correction of period years' errors. B) Extraordinary loss. C) Expense or loss of the current period. D) Direct adjustment to owner's equity.

10) A loss contingency which is remote and cannot be reasonably estimated:

A) Must be disclosed in a note to the financial statements. B) May be disclosed in a note to the financial statements. C) Must be reported in the body of the financial statements. D) Is permitted to be reported in the body of the financial statements.