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Match each of the following terms with the phrase that it best matches.
Comprehensive income
Vertical analysis
Quality of earnings
Pro forma income
Solvency ratio
Extraordinary item
1._______ Measures the ability of the company to survive over a long period of time.
2._______ Usually excludes items that a company thinks are unusual or non-recurring.
3._______ Includes all changes in stockholders' equity during a period except those resulting from investments by stockholders and distributions to stockholders.
4._______ Indicates the level of full and transparent information provided to users of the financial statements.
5._______ Describes events and transactions that are unusual in nature and infrequent in occurrence.
6._______ Expresses each item within a financial statement as a percent of a base amount.
Quality of Earnings
1. a fully depreciated asset a. must be removed from the booksb. should continue to be depreciated until it is disposed
During 2010, Markel had actual outlay of $48,000 for repairs under warranty. Markel employs the expense warranty accrual method-What amount should the company report for estimated liability under warranties at the end of 2010?
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
As part of a Careers in Accounting program sponsored by accounting organizations and supported by your company, you will be taking a group of high-school students through the accounting department in your company. You will also provide them with v..
Now that she is selling mixers and her customers can use credit cards to pay for them, Natalie is thinking of upgrading her website so that she can sell mixers online, to broaden her range of customers. She will need to known how to account for th..
for the year ended december 31 2013 fidelity engineering reported pretax accounting income of 977000. selected
delver inc. is a calendar-year coporation. its financial statements for the years ended 123114 and 123115 contained the
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company. The CFO will receive no financial incentive for this misstatement. In fact, he risks losing his job by d..
what are ratios? how could liquidity ratios be used by investors to determine whether or not to invest in a
At the beginning of 2009, Baldwin Corporation bought an automobile for $36,000 by issuing a note payable. The automobile has a six-year life and is depreciated using the straight-line method. To determine net cash flow from operating activities fo..
The following materials standards have been established for a particular product: What is the materials quantity variance for the month?
On January 1, 2010, Glenville Co. acquired an 80% interest in Acron Corp. for $500,000. Determine the amount of goodwill to be recognized in this acquisition.
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