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8/17/2019
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Course 171046- The Income Statement: Accounting And Reporting
  Final Exam
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171046v - The Income Statement: Accounting And Reporting

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Accounting
6 CPE Credit Hours

8/17/2019
Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Which of the following is an advantage of the single-step income statement over the multiple-step income statement?
2. Which of the following is FALSE about the multi-step income statement?
3. In order to be classified as an extraordinary item in the income statement, an event or transaction should be
4. Which of these is generally an example of an extraordinary item?
5. How should an unusual event not meeting the criteria for an extraordinary item be disclosed in the financial statements?
6. Which of the following is never classified as an extraordinary item?
7. Which of the following is a required disclosure in the income statement when reporting the disposal of a component of the business?
8. A material item which is unusual in nature or infrequent in occurrence, but not both, should be shown in the income statement
9. hich of the following items would be reported net of tax on the face of the income statement?
10. Which of the following items would be reported at its gross amount on the face of the income statement?
11. During 2X13, Lopez Corporation disposed of Pine Division, a major component of its business. Lopez realized a gain of $1,200,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $1,400,000 in 2X13. How should these facts be reported in Lopez's income statement for 2X13?
12. GAAP permits entities to account for their stock-based employee compensation plans in accordance with which of the following methods?
13. The measurement date in accounting for stock issued to employees in compensatory stock option plans accounted for in accordance with the fair value method is
14. The date on which to measure the compensation element in a stock option granted to a corporate employee ordinarily is the date on which the employee
15. The Black-Scholes Option-Pricing Model provides the relationship between call option value and the five factors that determine the premium of an option's market value over its expiration value. The factors do NOT include:
16. Which one of the following is NOT an option pricing model?
17. ASC 718-10
18. The ___________________ is based on the lower of the face of the policy, fair market value of the loss, or possible reimbursement.
19. SEC Staff Accounting Bulletin No. 67 requires restructuring charges to be _____________ and presented as an element in computing income from operations.
20. Website development costs are
21. Where must earnings per share be disclosed in the financial statements to satisfy generally accepted accounting principles?
22. Which of the following earnings per share figures must be disclosed on the face of the income statement?
23. Earnings per share should always be shown separately for
24. In 2X13, Esther Corporation reported net income of $1,000,000. It declared and paid preferred stock dividends of $250,000 and common stock dividends of $100,000. During 2X13, Esther had a weighted average of 200,000 common shares outstanding. Compute Esther's 2X13 earnings per share.
25. In 2X13, Benfer Corporation reported net income of $350,000. It declared and paid common stock dividends of $40,000 and had a weighted average of 70,000 common shares outstanding. Compute the earnings per share to the nearest cent.
26. In 2X13, Linz Corporation reported an extraordinary loss of $1,000,000, net of tax. It declared and paid preferred stock dividends of $100,000 and common stock dividends of $300,000. During 2010, Linz had a weighted average of 200,000 common shares outstanding. Compute the effect of the extraordinary loss, net of tax, on earnings per share.
27. Which of the following is true?
28. Which of the following is included in comprehensive income?
29. Which of the following is not an acceptable way of displaying the components of other comprehensive income?
30. Jenny owns several works of art. At what amount should these artworks be reported in Jenny’s personal financial statements?
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