Kindly answer the following questions in problems 9-13 and 9-14. Problem 9-13 Multiple choice (IAA)1. The income statement revealsa. Resources and equity at a point in time.b. Resources and equity for a period of time.C.Net earnings at a point in time.d. Net earnings for a period of time.2. Conceptually, net income is a measure ofa. Wealthb. Change of wealthc. Capital maintenanced. Cash flow3. Which term cannot be used to describe an item in thestatement of comprehensive income?a. Revenueb. Gross incomec. Income before taxd. Extraordinary4. Income determination is arrived at bya. Measuring the change in owners' equityb. Identifying the change in the purchasing power09368c. Using a transaction approachd. Applying the value added concept5. Net income equalsa. Assets minus liabilitiesb. Revenue minus cost of goods soldc. Revenue minus expensesd. Cash receipts minus cash paymentsPr1 in theProblem 9-14 Multiple choice (IFRS)1. An entity shall present an analysis of expenses based ona. The nature of expenseb. The function of expenseEither the nature of expense or the function of expensed. Neither the nature of expense nor the function of expenseC.2. Under IFRS, the extraordinary item presentationa. Has not changed from current rulesb. Has been eliminatedC.Has been eliminated from net of tax presentationd. Has been eliminated from EPS reporting3. It is change in equity during a period resulting fromtransactions and other events, other than those changesresulting from transactions with owners in their capacityas owners.a. Profit or lossb. Comprehensive incomec. Other comprehensive incomed. Share capital4. It comprises items of income and expense that are notrecognized in the traditional income statement.a. Comprehensive incomeb. Other comprehensive incomec. Profit or lossd. Retained profit5. What is the purpose of reporting comprehensive income?a. To report changes in equity due to transactions withowners.b. To report a measure of overall entity performance.C. To replace net income with a better measure.d. To combine income from continuing operation withincome from discontinued operation.185

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Problem 9-13 Multiple choice 1. The income statement reveals Resources and equity at a point in time. b. Resources and equity for a period of time. c. Net earnings at a point in time. d. Net earnings for a period of time. 2. Conceptually, net income is a measure of a. a. Wealth b. Change of wealth c. Capital maintenance d. Cash flow 3. Which term cannot be used to describe an item in the statement of comprehensive income? a. Revenue b. Gross income c. Income before tax d. Extraordinary 4. Income determination is arrived at by a. Measuring the change in owners' equity b. Identifying the change in the purchasing power c. Using a transaction approach d. Applying the value added concept 5. Net income equals a. Assets minus liabilities b. Revenue minus cost of goods sold c. Revenue minus expenses d. Cash receipts minus cash payments

Problem 9-13 Multiple choice 1. The income statement reveals Resources and equity at a point in time. b. Resources and equity for a period of time. c. Net earnings at a point in time. d. Net earnings for a period of time. 2. Conceptually, net income is a measure of a. a. Wealth b. Change of wealth c. Capital maintenance d. Cash flow 3. Which term cannot be used to describe an item in the statement of comprehensive income? a. Revenue b. Gross income c. Income before tax d. Extraordinary 4. Income determination is arrived at by a. Measuring the change in owners' equity b. Identifying the change in the purchasing power c. Using a transaction approach d. Applying the value added concept 5. Net income equals a. Assets minus liabilities b. Revenue minus cost of goods sold c. Revenue minus expenses d. Cash receipts minus cash payments

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20MC: Which of the following is a measurement of earnings that represents the profit before interest,...

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