Question

Question

Choose the best

1-A primary objective of external financial reporting is related to 2-Example of notes to financial statements is 3-Example of an issue that should not included in the notes to financial statements is 4-A statement of financial position is intended to help investors and creditors 5-Classifying assets as current for reporting purposes 6-Define comprehensive income 7-Implication of the declaration of stock dividends on reporting 8-Effect of an appropriation of retained earnings by the board of directors of a corporation for bonded indebtedness 9-Revenues of an entity are usually measured by the exchange values of the assets or liabilities involved. Recognition of revenue does not occur until 10-A multiple-step income statement and a single-step. Choose the best A. Provision of information that is useful to present to potential investors, creditors, and others in making rational financial decisions regarding the enterprise. B. including the depreciation methods used by the company C. Correct an improper presentation in the financial statements. D. Evaluate economic resources and obligation of a firm E. For financial reporting purposes, current assets consist of cash and other assets or resources expected to be realized in cash, sold, or consumed during the longer of one year or the normal operating cycle of the business. F. The change in net assets for the period excluding owners’ transactions. H. Result in a disclosure that management does not intend to distribute assets, in the form of dividend, equal to the amount of the appropriation. I. The revenue realized and earned. J. differ in number of accounts included K. Provision of information that is useful to present to investors, creditors, and bankers all financial information regarding the enterprise. L. Should not include description of inventory methods M. Evaluate all matters, resources and obligation of a firm N. For financial reporting purposes, current assets consist of cash and other assets or resources expected to be realized in cash, sold, or consumed during one year or the normal operating cycle of the business. O. Net income. P. When a large stock dividend is declared (more than 20%-25% of the previously outstanding common shares), retained earnings is debited for the fair value of the stock. Q. Result in a disclosure that management does intend to distribute assets, in the form of dividend, equal to the amount of the appropriation. R. The revenue realized and not earned. S. have the same accounts in most cases. T. Classifying assets as non-current is similar to current for reporting purposes

Answer 1