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157.A loss the write down of obsolete inventory should be

Question : 157.A loss the write down of obsolete inventory should be : 1312004

 

 

157.A loss on the write down of obsolete inventory should be reported as

a."other expenses and losses."

b.part of discontinued operations.

c.an operating expense.

d.an extraordinary item.

 

 

 

158.If an item meets one (but not both) of the criteria for an extraordinary item, it

a.only needs to be disclosed in the footnotes of the financial statements.

b.may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).

c.is reported as an "other revenue or gain" or "other expense and loss," net of tax.

d.is reported at its gross amount as an "other revenue or gain" or "other expense or loss."

 

 

159.The order of presentation of nontypical items that may appear on the income statement is

a.Extraordinary items, Discontinued operations, Other revenues and expenses.

b.Discontinued operations, Extraordinary items, Other revenues and expenses.

c.Other revenues and expenses, Discontinued operations, Extraordinary items.

d.Other revenues and expenses, Extraordinary items, Discontinued operations.

 

 

160.Each of the following is a factor affecting quality of earnings except

a.alternative accounting methods.

b.improper recognition.

c.pro forma income.

d.extraordinary items.

 

 

161.Comparisons can be made on each of the following bases except

a.industry averages.

b.intercompany basis.

c.intracompany basis.

d.Each of these is a basis for comparison.

 

 

162.              Comparisons of data within a company are an example of the following comparative basis:

a.Industry averages

b.Intercompany

c.Intracompany

d.Interregional

 

 

163.              Center Corporation reported net sales of $200,000, $350,000, and $550,000 in the years 2012, 2013, and 2014 respectively. If 2012 is the base year, what is the trend percentage for 2014?

a.100%

b.75%

c.175%

d.275%

 

 

 

164.In vertical analysis, the base amount for each income statement item is

a.gross profit.

b.net income.

c.net sales.

d.sales.

 

 

165.              When performing vertical analysis, the base amount for administrative expense is generally

a.administrative expense in a previous year.

b.net sales.

c.gross profit.

d.fixed assets.

 

 

166.Ratios that measure the short-term ability of the company to pay its maturing obligations are

a.liquidity ratios.

b.profitability ratios.

c.solvency ratios.

d.trend ratios.

 

 

 

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