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| 1. | Which of the following is an example of managing earnings down? | |
| A) | Changing estimated bad debts from 3 percent to 2.5 percent of sales. | |
| B) | Revising the estimated life of equipment from 10 years to 8 years. | |
| C) | Not writing off obsolete inventory. | |
| D) | Reducing research and development expenditures. | |
| 2. | The single-step income statement emphasizes | |
| A) | the gross profit figure. | |
| B) | total revenues and total expenses. | |
| C) | extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement. | |
| D) | the various components of income from continuing operations. | |
| 3. | Which of the following is not a generally practiced method of presenting the income statement? | |
| A) | Including prior period adjustments in determining net income | |
| B) | The single-step income statement | |
| C) | The consolidated statement of income | |
| D) | Including gains and losses from discontinued operations of a component of a business in determining net income | |
| 4. | Which of these is generally an example of an extraordinary item? | |
| A) | Loss incurred because of a strike by employees. | |
| B) | Write-off of deferred marketing costs believed to have no future benefit. | |
| C) | Gain resulting from the devaluation of the U.S. dollar. | |
| D) | Gain resulting from the state exercising its right of eminent domain on a piece of land used as a parking lot. | |
| 5. | How should an unusual event not meeting the criteria for an extraordinary item be disclosed in the financial statements? | |
| A) | Shown as a separate item in operating revenues or expenses if material and supple-mented by a footnote if deemed appropriate. | |
| B) | Shown in operating revenues or expenses if material but not shown as a separate item. | |
| C) | Shown net of income tax after ordinary net earnings but before extraordinary items. | |
| D) | Shown net of income tax after extraordinary items but before net earnings. | |
| 6. | Which of the following is a required disclosure in the income statement when reporting the disposal of a component of the business? | |
| A) | The gain or loss on disposal should be reported as an extraordinary item. | |
| B) | Results of operations of a discontinued component should be disclosed immediately below extraordinary items. | |
| C) | Earnings per share from both continuing operations and net income should be disclosed on the face of the income statement. | |
| D) | The gain or loss on disposal should not be segregated, but should be reported together with the results of continuing operations. | |
| 7. | A material item which is unusual in nature or infrequent in occurrence, but not both should be shown in the income statement
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| A) |
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| B) |
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| C) |
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| D) |
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| 8. | Income taxes are allocated to | |
| A) | extraordinary items. | |
| B) | discontinued operations. | |
| C) | prior period adjustments. | |
| D) | all of these. | |
| 9. | Companies use intraperiod tax allocation for all of the following items except | |
| A) | Discontinued operations. | |
| B) | Extraordinary items. | |
| C) | Changes in accounting estimates. | |
| D) | Income from continuing operations. | |
| 10. | Where must earnings per share be disclosed in the financial statements to satisfy generally accepted accounting principles? | |
| A) | On the face of the statement of retained earnings (or, statement of stockholders' equity.) | |
| B) | In the footnotes to the financial statements. | |
| C) | On the face of the income statement. | |
| D) | Either (a) or (c). | |
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