ACCT 304 WEEK 8 FINAL EXAM

Jul 25th, 2016
Studypool Tutor
Price: $30 USD

Tutor description

1. Income from continuing operations sometimes includes gains from nonoperating activities. (2 points) True False 2. Income from continuing operations is an after-tax number consisting of revenues, expenses, gains, and losses. (2 points) True False 3. Income from continuing operations equals net income only in the absence of separately reported items. (2 points) True False 4. Intraperiod tax allocation is the process of associating income tax effects with the income statement components that create those effects. (2 points) True False 5. If the effective tax rate is 40%, a $200,000 before-tax extraordinary gain would increase net income by $120,000. (2 points) True False 6. If General Motors ceased production of the Corvette, it would report any material gains or losses that would result under discontinued operations. (2 points) True False 7. Discontinued operations require reclassification of prior years' income statements but no change in prior years' net income. (2 p

Word Count: 1815
Showing Page: 1/9
ACCT 304 WEEK 8 FINAL EXAM1. Income from continuing operations sometimes includes gains from nonoperating activities. (2points)TrueFalse2. Income from continuing operations is an after-tax number consisting of revenues, expenses,gains, and losses. (2 points)TrueFalse3. Income from continuing operations equals net income only in the absence of separatelyreported items. (2 points)TrueFalse4. Intraperiod tax allocation is the process of associating income tax effects with the incomestatement components that create those effects. (2 points)TrueFalse5. If the effective tax rate is 40%, a $200,000 before-tax extraordinary gain would increase netincome by $120,000. (2 points)TrueFalse6. If General Motors ceased production of the Corvette, it would report any material gains orlosses that would result under discontinued operations. (2 points)TrueFalse7. Discontinued operations require reclassification of prior years' income statements but nochange in prior years' net income. (2 points)TrueFalse8. Operating income or loss from discontinued operations up to the disposal date is separatelyreported. (2 points)TrueFalse9. The measurement and disposal dates of discontinued operations must fall within the samefiscal year. (2 points)TrueFalse10. If an overall loss from discontinued operations is expected, then the loss is reported in theyear in which the measurement date falls. (2 points)TrueFalse11. Estimated gains from discontinued operations can b

Review from student

Studypool Student
" Excellent work as usual "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1828 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors