Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000
Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the owners during 2010 were (Points: 4) $49,000 $28,000 $23,000 $2,000 30. Comprehensive income includes the following changes in equity in a company during a period except (Points: 4) transactions with non-owners events relating to non-owner sources circumstances relating to non-owner sources distributions to owners 31. In 2007, the CFA Institute Centre for Financial Market Integrity proposed a new financial model to replace the traditional earnings number. Which of the following characteristics does the proposed statement of changes in net assets available to stockholders exclude? (Points: 4) It recognizes all transactions and events that change net assets. Line items would be reported by the nature of the item. Line items would be reported by the function for which the resource is consumed. It includes the effects of all investing and financing activities. 33. IFRS content in the income statement is similar to U.S. GAAP in all of the following areas except the disclosure of (Points: 4) revenues finance costs extraordinary items tax expense 34. IFRS reporting requires all of the following items except (Points: 4) earnings per share disclosure comprehensive income disclosure in a statement of stockholders equity disclosure of the results of discontinued operations operating expenses disclosure 35. Differences that currently exist between IFRS and U.S. GAAP with regard to the presentation of information on the income statement include all of the following except (Points: 4) different acceptable terminology relating to revenue items depreciation measures differ when equipment has been revalued different performance measures such as EBITDA are permitted under IFRS differences resulting because IFRS does not require the use of accrual accounting under the historical cost framework
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started