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devry acc304 week 3 quiz




Question;(TCO 5) Popson Inc. incurred a material loss that was not;unusual in character, but was clearly an infrequent occurrence. This loss;should be reported as;an extraordinary loss.;a separate line item between income from;continuing operations and income from discontinued operations.;a separate line item within income from;continuing operations.;a separate line item in the retained earnings;statement.;Question 2. Question;(TCO 5) On August 1, 2011, Rocket Retailers adopted a plan;to discontinue its catalog sales division, which qualifies as a separate;component of the business, according to GAAP, regarding discontinued;operations. The disposal of the division was expected to be concluded by June;30, 2012. On January 31, 2012, Rocket's fiscal year end, the following;information relative to the discontinued division was accumulated;In its income statement for the year ended January 31, 2012;Rocket would report a before-tax loss on discontinued operations of;$115,000.;$195,000.;$65,000.;$125,000.;Question 3. Question;(TCO 5) The financial statement presentation of a change in;depreciation method is most similar to that of reporting;changes in accounting estimates.;prior period adjustments.;correction of errors.;extraordinary items.;Question 4. Question;(TCO 5) Which of the following is added to net income as an;adjustment under the indirect method of preparing the statement of cash flows?;Salaries payable decrease;Gain on the sale of land;Loss on the sale of equipment;Accounts receivable increase;s Received;Question 5. Question;(TCO 5) Review Rowdy's Restaurants cash flow (in millions);Rowdy's would report net cash inflows (outflows) from;operating activities in the amount of;$(80).;$120.;$200.;$420.


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