Details of this Paper

devry acct304 week 3 quiz

Description

solution


Question

Question;(TCO 5) The distinction between operating and non-operating;income relates to;continuity of income.;principal activities of the reporting entity.;consistency of income stream.;reliability of measurements.;Instructor Explanation: See Chapter 4.;Points Received: 4 of 4;Comments;Question 2. Question;(TCO 5) Major Co. reported a 2011 income of $300,000 from;continuing operations before income taxes and a before-tax extraordinary loss;of $80,000. All income is subject to a 30% tax rate. In the 2011 income;statement, Major Co. would show the following line-item amounts for income tax;expense and net income.;$66,000 and $210,000;$90,000 and $154,000;$90,000 and $276,000;$66,000 and $220,000;Instructor Explanation;Points Received: 4 of 4;Comments;Question 3. Question;(TCO 5) The financial statement presentation of a change in;depreciation method is most similar to that of reporting;changes in accounting estimates.;prior period adjustments.;ion of errors.;extraordinary items.;Instructor Explanation: See Chapter 4.;Points Received: 4 of 4;Comments;Question 4. Question;(TCO 5) Cash flows from investing activities do not include;proceeds from issuing bonds.;payment for the purchase of equipment.;proceeds from the sale of marketable;securities.;cash outflows from acquiring land.;Instructor Explanation: See Chapter 4.;Points Received: 4 of 4;Comments;Question 5. Question;(TCO 5) Review Rowdy's Restaurants cash flow (in millions);Rowdy's would report net cash inflows (outflows) from;financing activities in the amount of;$1,100.;$(1,100).;$820.;$900.;Instructor Explanation;Points Received: 4 of 4;Comments

 

Paper#38829 | Written in 18-Jul-2015

Price : $22
SiteLock