61. Which one of the following types of losses is excluded from the determination of net income in income statements?
a.Material losses resulting from transactions in the company’s investments account.
b.Material losses resulting from unusual sales of assets not acquired for resale.
c.Material losses resulting from the write-off of intangibles.
d.Material losses resulting from correction of errors related to prior periods.
62. Watts Corporation made a very large arithmetical error in the preparation of its year-end financial statements by improper placement of a decimal point in the calculation of depreciation. The error caused the net income to be reported at almost double the proper amount. Correction of the error when discovered in the next year should be treated as
a.an increase in depreciation expense for the year in which the error is discovered.
b.a component of income for the year in which the error is discovered, but separately listed on the income statement and fully explained in a note to the financial statements.
c.an extraordinary item for the year in which the error was made.
d.a prior period adjustment.
63. A company is not required to report a per share amount on the face of the income statement for which one of the following items?
a. Net income
b. Prior period adjustment
c. Extraordinary item
d. Discontinued operations
64. Earnings per share data are required on the face of the
a. statement of retained earnings
b. statement of stockholders’ equity
c. income statement
d. balance sheet
65. Which of the following is included in comprehensive income?
a. Investments by owners.
b. Unrealized gains on available-for-sale securities.
c. Distributions to owners.
d. Changes in accounting principles.
66. Which of the following is not an acceptable way of displaying the components of other comprehensive income?
a. Combined statement of retained earnings
b. One statement approach
c. Two statement approach
d. All of these are acceptable ways
67. Gains and losses identified as other comprehensive income have the same status as traditional gains and losses under
a. both the one statement and two statement approaches.
b. neither the one statement or two statement approaches.
c. the one statement approach.
d. the two statement approach.
68. Comprehensive income includes all of the following except
b.losses on disposal of assets.
c.investments by owners.
d.unrealized holding gains.
69. A statement of stockholders’ equity includes a column for each of the following except
a.accumulated other comprehensive income.
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