21.Which of the following would appear as an extraordinary item on the income statement?
a.loss resulting from the sale of fixed assets
b.gain resulting from the disposal of a segment of the business
c.loss from land condemned for public use
d.liquidating dividend
22.A loss on disposal of a segment would be reported in the income statement as a(n)
a.administrative expense
b.other expense
c.deduction from income from continuing operations
d.selling expense
23.An extraordinary item results from
a.a segment of the business being sold
b.corporate income tax being paid
c.a change from one accounting method to another acceptable accounting method
d.a transaction or event that is unusual and occurs infrequently.
24.Which of the following is considered an unusual item affecting the prior period’s income statement?
a.Fixed asset impairments
b.Errors
c.Extraordinary item
d.Discontinued operations
25.Which of the following is considered an unusual item affecting the prior period’s income statement?
a.Change in accounting principles
b.Fixed asset impairments
c.Extraordinary item
d.Discontinued operations
26.Which of the following should be classified as an extraordinary item on the income statement?
a.Gain on a sale of a long term investment.
b.Loss due to discontinued operations.
c.Restructuring charges.
d.Loss resulting from an infrequent natural disaster.
27.A loss due to a discontinued operation should be reported in the income statement
a.above income from continuing operations.
b.without related tax affect.
c.below income from continuing operations.
d.as an operating expense.
28.When a company changes from one acceptable accounting method to another, the change is reported
a.in the statement of retained earnings, as a correction to the beginning balance.
b.in the income statement, below income from continuing operations.
c.in the income statement, above income from continuing operations
d.through a retroactive restatement of prior period earnings.
29.Which of the following items should be classified as an extraordinary item on a corporate income statement?
a.Gain on the retirement of a bond payable
b.Gain from land condemned for public use
c.Loss due to an discontinued operation
d.Selling treasury stock for more than the company paid for it
30.Which of the following items appear on the corporate income statement before Income from continuing operations?
a.Cumulative effect of a change in accounting principle
b.Income tax expense
c.Extraordinary gain
d.Loss on discontinued operations
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