ACCTG 318 Ch 4 Quiz || Graded A+.
Which of the following items is not considered an operating cash flow in the statement of cash
flows? correct answers Dividends paid to stockholders
Which of the following items is not considered an investing cash flow in the statement of cash
flows? correct answers Issuing common stock for cash
International Financial Reporting Standards are tested on the CPA exam along with U.S. GAAP.
The following questions deal with the application of IFRS.
In a statement of cash flows prepared under IFRS, interest paid correct answers Can be classified
as either an operating cash flow or a financing cash flow
Which one of the following items is not included in the determination of income from continuing
operations? correct answers Discontinued operations
In a multiple-step income statement for a retail company, all of the following are included in the
operating section except correct answers Dividend revenue
Which of the following captions would more likely be found in a multiple-step income
statement? correct answers Operating income
An item typically included in the income from continuing operations section of the income
statement is: correct answers Restructuring costs
The application of intraperiod income taxes requires that income taxes be apportioned to each of
the following items except: correct answers Operating income
, For a manufacturing company, each of the following items would be considered nonoperating
income for income statement purposes except: correct answers Cost of goods sold
The Stibbe Construction Company switched from the completed contract method to the
percentage-of-completion method of accounting for its long-term construction contracts. This is
an example of: correct answers A change in accounting principle
Earnings per share should be reported for each of the following income statement captions
except: correct answers Operating income
The following items appeared in the 2016 year-end trial balance for the Brown Coffee Company:
Debits Credits
Revenues $600,000
Operating expenses $420,000
Income on discontinued operations 200,000
Restructuring costs 100,000
Interest expense 20,000
Gain on sale of investments 30,000
Income tax expense has not yet been accrued. The company's income tax rate is 40%. What
amount should be reported in the company's year 2016 income statement as income from
continuing operations? correct answers $54,000
[$600,000 (revenues) - $420,000 (operating expenses) - $100,000 (restructuring costs) - $20,000
(interest expense) + $30,000 (gain on sale of investments)] x [1.0 - 0.40 (income tax rate)] =
$54,000
Selected information from the 2016 accounting records of Dunn's Auto Dealers is as follows:
Which of the following items is not considered an operating cash flow in the statement of cash
flows? correct answers Dividends paid to stockholders
Which of the following items is not considered an investing cash flow in the statement of cash
flows? correct answers Issuing common stock for cash
International Financial Reporting Standards are tested on the CPA exam along with U.S. GAAP.
The following questions deal with the application of IFRS.
In a statement of cash flows prepared under IFRS, interest paid correct answers Can be classified
as either an operating cash flow or a financing cash flow
Which one of the following items is not included in the determination of income from continuing
operations? correct answers Discontinued operations
In a multiple-step income statement for a retail company, all of the following are included in the
operating section except correct answers Dividend revenue
Which of the following captions would more likely be found in a multiple-step income
statement? correct answers Operating income
An item typically included in the income from continuing operations section of the income
statement is: correct answers Restructuring costs
The application of intraperiod income taxes requires that income taxes be apportioned to each of
the following items except: correct answers Operating income
, For a manufacturing company, each of the following items would be considered nonoperating
income for income statement purposes except: correct answers Cost of goods sold
The Stibbe Construction Company switched from the completed contract method to the
percentage-of-completion method of accounting for its long-term construction contracts. This is
an example of: correct answers A change in accounting principle
Earnings per share should be reported for each of the following income statement captions
except: correct answers Operating income
The following items appeared in the 2016 year-end trial balance for the Brown Coffee Company:
Debits Credits
Revenues $600,000
Operating expenses $420,000
Income on discontinued operations 200,000
Restructuring costs 100,000
Interest expense 20,000
Gain on sale of investments 30,000
Income tax expense has not yet been accrued. The company's income tax rate is 40%. What
amount should be reported in the company's year 2016 income statement as income from
continuing operations? correct answers $54,000
[$600,000 (revenues) - $420,000 (operating expenses) - $100,000 (restructuring costs) - $20,000
(interest expense) + $30,000 (gain on sale of investments)] x [1.0 - 0.40 (income tax rate)] =
$54,000
Selected information from the 2016 accounting records of Dunn's Auto Dealers is as follows:
