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【正文】 imate be reported?a.By footnote disclosure only.b.By restating the financial statements of all prior periods presented.c.As a correction of an error.d.As a ponent of ine from continuing operations.14. In September, Koff Co.39。s resources.11. On December 2, Year 1, Flint Corp.39。s governing board has discharged its responsibility to use the entity39。be used to measure inventory?a.Historical cost.b.Net realizable value.c.Replacement cost.d.Present value of future cash flows.5. According to the FASB and IASB conceptual frameworks, the objective of general purpose financial reporting is to:a.Comply with the need for conservatism.b.Report on how effectively and efficiently management has used the entity39。1. According to the FASB and IASB conceptual frameworks, the primary users of financial reports include all of the following,s resources.c.Provide financial information that is useful to primary users.d.Comply with generally accepted accounting principles.6. According to the FASB and IASB conceptual frameworks, pleteness is an ingredient of:Relevance Faithful Representation a. Yes Yes b. No No c. No Yes d. Yes No7. What is the underlying concept that supports the immediate recognition of a contingent loss?a.Conservatism.b.Consistency.c.Matching.d.Substance over form.8. According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:a.Matching.b.Recognition.c.Allocation.d.Realization.9. The joint FASB and IASB conceptual framework project is intended to establish:a.A prehensive set of financial statement disclosures.b.A mon set of objectives and concepts for use in developing standards of financial accounting and reporting.c.The structure of the FASB CodificationTM.d.A mon set of generally accepted accounting principles.10. Financial information provided in general purpose financial reports doess resources.d.How effectively and efficiently the entity39。s board of directors voted to discontinue operations of its frozen food division and to sell the division39。s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located. The portion of the resultant loss not covered by insurance was $700,000. Koff39。s operations from January 1 to April 30?a.$500,000 and $800,000 should be included with revenues and expenses, respectively, as part of continuing operations.b.$300,000 should be reported as part of the loss on disposal of a ponent and included as part of continuing operations.c.$300,000 should be reported as an extraordinary loss.d.$300,000 should be reported as a loss from operations of a ponent and included in loss from discontinued operations.17. In open market transactions, Gold Corp. simultaneously sold its longterm investment in Iron Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions. Gold39。s operating segments. Host expected that the sale would occur on April 1, 20X5 at an estimated gain of $350,000. The segment had actual and estimated operating losses as follows:1/1/X4 to 9/30/X4$(300,000)10/1/X4 to 12/31/X4(200,000)1/1/X5 to 3/31/X5(400,000)In its 20X4 ine statement, what should Host report as a loss from discontinued operations before ine taxes?a.$550,000b.$900,000c.$200,000d.$500,00023. During Year 2, Orca Corp. decided to change from the FIFO method of inventory valuation to the weightedaverage method. Inventory balances under each method were as follows:FIFOWeightedaverageJanuary 1, Year 2$71,000$77,000December 31, Year 279,00083,000Orca39。s . GAAP financial statements had the following balances at December 31:Extraordinary gain$50,000Foreign currency translation gain, net of tax100,000Net ine400,000Unrealized gain on availableforsale equity securities, net of tax20,000What amount should Rock report as prehensive ine for the year ended December 31?a.$520,000b.$420,000c.$570,000d.$400,00027. Which of the following items is175,000Unrealized loss on trading security20,000 Unrealized gain on trading securities of $16,000s prehensive ine?a.$17,000b.$4,000c.$10,000d.$11,00036. Which of the following should be disclosed in a summary of significant accoun
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