In a consolidated statements workpaper, which items are carried forward from one section to another? Select one: a. The total of the income section to the retained earnings section and then the total of the retained earnings section to the balance sheet section. b. The eliminations must balance for each section in order to carry them forward. c. Parents retained earnings, but not Subsidiary d. Each section on the workpaper is separate, so no numbers are carried forward

In a consolidated statements workpaper, which items are carried forward from one section to another? Select one: a. The total of the income section to the retained earnings section and then the total of the retained earnings section to the balance sheet section. b. The eliminations must balance for each section in order to carry them forward. c. Parents retained earnings, but not Subsidiary d. Each section on the workpaper is separate, so no numbers are carried forward

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 7MCQ

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Revenues and expenses may be transferred to the ________ account before their final transfer into the Retained Earnings account. A. Dividends B. Income Summary C. Net Income D. Assets
The cumulative balance of other comprehensive income is reported in (Enter 1, 2, 3, or 4 that represents the correct answer): statement of retained earnings income statement assets section of the balance sheet stockholders’ equity section of the balance sheet
Which of the four basic accounting reports indicates thatit is appropriate to consider revenues and expenses as subcategories of retained earnings? Explain.
1. What does the beginning balance of retained earning indicate? And what does the following that is reported in the statement of retained earnings mean as well? The addition of net income or the subtraction of net loss to that beginning balance. The subtraction of dividends; and The ending balance of retained earnings. The ending balance is used on the balance sheet.
The expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.
The primary focus of horizontal analysis isa. the income statement only.b. the balance sheet only.c. the percentage changes in line items on the comparative financial statements.d. the individual line items on the financial statements as a percentage of a related base,such as total sales or total assets.
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Which of the following would appear on a multiple-step income statement but not on a single-step income statement? a. b. C. d. Net income Total expenses Total revenues Income before income taxes
. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) Provisions
Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.)
Which of the following is not an acceptable way of displaying the components of other comprehensive income under IFRS?(a) Within the statement of retained earnings.(b) Second income statement.(c) Combined statement of comprehensive income.(d) All of these choices are acceptable.
can you help on the preperation of excel The income statement. The statement of retained earnings. The balance sheet. Ratios that can be calculated from the data presented.