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Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapter 15 – Multiple Choice

By admin / February 12, 2016

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Question 1 of 8

1. Question
Which of the following is correct?
- Net income is included in total comprehensive income.
- Discontinued operations is an example of an item that is classified as other comprehensive income.
- Intraperiod tax allocation means that all tax is attributed to income from continuing operations.
- If a company has discontinued operations, net income excludes the effects thereof.
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Question 2 of 8

2. Question
Oakwood Furniture Corporation had 100,000 shares of common stock outstanding on January 1. An additional 50,000 shares were issued on July 1, and 25,000 shares were reacquired on September 1. What was the weighted-average number of shares outstanding during the year?
- 140,000
- 125,000
- 118,750
- 116,667
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Question 3 of 8

3. Question
Sparks Corporation had 15,000 shares of common stock outstanding on January 1, and issued an additional 5,000 shares on June 1. There was no preferred stock outstanding. The corporation reports net income of $200,000. How much is basic earnings per share (to the nearest cent) for the calendar year?
- $10.00
- $11.16
- $11.43
- $13.33
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Question 4 of 8

4. Question
Sparks Corporation had 15,000 shares of common stock outstanding on January 1, and issued an additional 5,000 shares on June 1. There was preferred stock outstanding, and dividends on the preferred stock amounted to $20,000. The corporation reports net income of $200,000. The preferred stock is not convertible. How much is basic earnings per share (to the nearest cent) for the calendar year?
- $9.00
- $10.00
- $10.05
- $10.29
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Question 5 of 8

5. Question
If a corporation has total stockholders’ equity of $1,000,000, 100,000 shares of common stock outstanding, and 1,000 shares of $100 par value preferred stock outstanding, how much is book value per common share? Assume that the preferred stock is callable at $110 and dividends of $4,000 on preferred stock are due.
- $8.86
- $9.00
- $9.96
- $10.00
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Question 6 of 8

6. Question
The organization that has been given the authority by Congress to set accounting principles for public companies is the:
- Internal Revenue Service.
- Financial Accounting Standards Board.
- Securities and Exchange Commission.
- Institute of Management Accountants.
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Question 7 of 8

7. Question
Relevance is a qualitative characteristic of accounting information. Which definition best applies to the concept of relevance?
- The quality of information that assures that information is reasonably free from error and bias.
- The capacity of information to make a difference in the decision process.
- The quality of information that enables users to comprehend the message being communicated.
- The quality of information that enables users to identify similarities and differences between two sets of economic phenomena.
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Question 8 of 8

8. Question
Darland Corporation (USA) purchased goods on account for 1,000 Swiss francs. On the date of purchase, the spot rate for the Swiss franc was $0.70. By the time the corporation settled its obligation, the spot rate had fallen to $0.65 per Swiss franc. How much was the foreign currency exchange gain or loss?
- $0
- $50 gain
- $50 loss
- $83 gain
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