Answered: . The weighted-average number of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 5MC

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4. The weighted-average number of shares outstanding during the period for all periods (other than conversion of potential ordinary shares) shall be adjusted for

a. Any convertible instrument settled in cash

b. Any prior period adjustment

c. Any change in the number of ordinary shares without a change in resources

d. Any new issue of shares for cash

5. Understating purchase discounts, returns and allowances has the effect of:

a. Overstating goods available for sale

b. No effect

c. Overstating net income

d. Understating cost of sales

6. What is the inherent justification underlying the concept of potential ordinary shares or diluters in computing diluted earnings per share?

a. Timeliness

b. Materiality

c. Completeness

d. Substance over form

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