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Garcia Company began 2010 with net assets of $80,000. Net income calculated by




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


Paper#25360 | Written in 18-Jul-2015

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