8, Which of the following statements is true regarding the reporting of discontinued operations?
A, The impact that the discontinued operations had on any previous year results is not shown for comparative purposes.
B, The income or loss, net of taxes, of the discontinued operations is reported as a separate component of income from continuing operations.
C, Earnings per share data are not reported separately for discontinued operations.
D, By reporting discontinued operations as a separate item, net of taxes, all of the effects of the discontinued business segment are excluded from the revenues, expenses, gains, and losses of continuing operations
10,Which of the following requires an explanatory paragraph in the independent auditors’ report?
A, Basingthe opinion on the work of another auditor.
B, Uncertainties about the outcome of a significant event that would have affected the presentation of the financial statements.
C, Substantial doubt about the entity’s viability to continue as a going concern.
D, None of the above.
1,Top of Form
Which of the following captions would benot be reported on a single step income statement?
A, Net sales
B, Income from operations
C, Income before taxes
D, Net income
5, Top of Form
Management salaries are an example of a ____________ cost behavior pattern.
A, variable
B, semivariable
C, fixed
D, mixed
11, Top of Form
Cost of Goods Manufactured can be computed as:
A, ending balance of work in process + raw materials used + direct labor costs incurred + manufacturing overhead costs applied – beginning balance of work in process.
B, beginning balanceof work in process + raw materials purchased + direct labor costs incurred + manufacturing overhead costs applied – ending balance of work in process.
C, ending balance of work in process + raw materials purchased + direct labor costs incurred + manufacturing overhead costs applied – beginning balance of work in process.
D, beginning balance of work in process + raw materials used + direct labor costs incurred + manufacturing overhead costs applied – ending balance of work in process.
12, As the level of activity decreases:
A, fixed cost per unit decreases.
B, variable cost per unit decreases.
C, fixed costremains constant in total.
D, variable cost remains constant in total.
A,13, Which activity of the management planning and control process occurs in each phase of the cycle?
B, planning.
C, managing.
D, controlling.
E, decisionmaking.
X10/4,Top of Form
An example of a direct cost in the production of a computer is:
depreciationof production equipment.
productionlabor costs.
salary of the vice president of production.
material warehouse costs.
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