FINAL PREP:
HOMEWORK AND
QUIZ QUESTIONS
CCIM 101 FINANCIAL ANALYSIS –
QUESTIONS AND CORRECT
ANSWERS (LATEST VERIFIED
CONTENT)
D - <<<<<CORRECT ANSWER >>>>>>-Which of the
following is FALSE concerning the statement of stockholders' equity?
A) IFRS require a statement of stockholders' equity.
B) U.S. GAAP do not require a statement of stockholders' equity.
C) Net income and dividends close into Retained Earnings.
D) OCI and retirement of repurchased shares close into Accumulated
OCI.
,A - <<<<<CORRECT ANSWER >>>>>>-Which of the
following items would not appear in the operating section of the
multiple−step income statement of a manufacturer?
A. the gain or loss on the disposal of equipment used on the
assembly line
B. the cost of goods sold during the period
C. depreciation expense of the machinery used on the assembly line
D. sales of products
A - <<<<<CORRECT ANSWER >>>>>>-There is a
noncontrolling interest when ________.
A. a company controls another company, but owns less than 100% of
voting shares
B. a company controls another company but owns less than 100% of
that other company
C. a company uses the equity method to account for ownership of
another company
D. a company is owned by others outside the company
https://www.chegg.com/homework-help/questions-and-
answers/thomas-stores-inc-provided-following-statement-net-
income-current-year-income-subject-30-i-q18210152 -
,<<<<<CORRECT ANSWER >>>>>>-tax rate question w
comprehensive income lil calculation to be done net income other
comprehensive income unrealized gain (1-.30) times the amount of
unrealized gain then add it all up for the bottom
https://www.chegg.com/homework-help/questions-and-
answers/bandana-company-following-balances-net-income-pretax-
gains-losses-december-31-36-000-net-i-q24425562 -
<<<<<CORRECT ANSWER >>>>>>-Question content
area top
Part 1
Bandana Company had the following balances for net income and
pretax gains and losses on December 31:
Net income
$ 38,000
Loss on discontinued operations
(10,000)
Unrealized gain on trading security
30,000
Foreign currency translation gain
11,000
, The company's effective tax rate is 40%. What amount should
Bandana Company report as comprehensive income for the year
ended December 31?
c - <<<<<CORRECT ANSWER >>>>>>-Question
content area top
Part 1
Bandana Company had the following balances for net income and
pretax gains and losses on December 31:
Net income
$ 38,000
Loss on discontinued operations
(10,000)
Unrealized gain on trading security
30,000
Foreign currency translation gain
11,000
The company's effective tax rate is 40%. What amount should
Bandana Company report as comprehensive income for the year
ended December 31?
HOMEWORK AND
QUIZ QUESTIONS
CCIM 101 FINANCIAL ANALYSIS –
QUESTIONS AND CORRECT
ANSWERS (LATEST VERIFIED
CONTENT)
D - <<<<<CORRECT ANSWER >>>>>>-Which of the
following is FALSE concerning the statement of stockholders' equity?
A) IFRS require a statement of stockholders' equity.
B) U.S. GAAP do not require a statement of stockholders' equity.
C) Net income and dividends close into Retained Earnings.
D) OCI and retirement of repurchased shares close into Accumulated
OCI.
,A - <<<<<CORRECT ANSWER >>>>>>-Which of the
following items would not appear in the operating section of the
multiple−step income statement of a manufacturer?
A. the gain or loss on the disposal of equipment used on the
assembly line
B. the cost of goods sold during the period
C. depreciation expense of the machinery used on the assembly line
D. sales of products
A - <<<<<CORRECT ANSWER >>>>>>-There is a
noncontrolling interest when ________.
A. a company controls another company, but owns less than 100% of
voting shares
B. a company controls another company but owns less than 100% of
that other company
C. a company uses the equity method to account for ownership of
another company
D. a company is owned by others outside the company
https://www.chegg.com/homework-help/questions-and-
answers/thomas-stores-inc-provided-following-statement-net-
income-current-year-income-subject-30-i-q18210152 -
,<<<<<CORRECT ANSWER >>>>>>-tax rate question w
comprehensive income lil calculation to be done net income other
comprehensive income unrealized gain (1-.30) times the amount of
unrealized gain then add it all up for the bottom
https://www.chegg.com/homework-help/questions-and-
answers/bandana-company-following-balances-net-income-pretax-
gains-losses-december-31-36-000-net-i-q24425562 -
<<<<<CORRECT ANSWER >>>>>>-Question content
area top
Part 1
Bandana Company had the following balances for net income and
pretax gains and losses on December 31:
Net income
$ 38,000
Loss on discontinued operations
(10,000)
Unrealized gain on trading security
30,000
Foreign currency translation gain
11,000
, The company's effective tax rate is 40%. What amount should
Bandana Company report as comprehensive income for the year
ended December 31?
c - <<<<<CORRECT ANSWER >>>>>>-Question
content area top
Part 1
Bandana Company had the following balances for net income and
pretax gains and losses on December 31:
Net income
$ 38,000
Loss on discontinued operations
(10,000)
Unrealized gain on trading security
30,000
Foreign currency translation gain
11,000
The company's effective tax rate is 40%. What amount should
Bandana Company report as comprehensive income for the year
ended December 31?
