Reference no: EM13116653

Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the owners during 2010 were 

$49,000 
$28,000 
$23,000 
$2,000 


30. Comprehensive income includes the following changes in equity in a company during a period except 
transactions with non-owners 
events relating to non-owner sources 
circumstances relating to non-owner sources 
distributions to owners 


31. In 2007, the CFA Institute Centre for Financial Market Integrity proposed a new financial model to replace the traditional earnings number. Which of the following characteristics does the proposed statement of changes in net assets available to stockholders exclude? 
It recognizes all transactions and events that change net assets. 
Line items would be reported by the nature of the item. 
Line items would be reported by the function for which the resource is consumed. 
It includes the effects of all investing and financing activities. 


33. IFRS content in the income statement is similar to U.S. GAAP in all of the following areas except the disclosure of 
revenues 
finance costs 
extraordinary items 
tax expense 


34. IFRS reporting requires all of the following items except
earnings per share disclosure 
comprehensive income disclosure in a statement of stockholders' equity 
disclosure of the results of discontinued operations 
operating expenses disclosure 


35. Differences that currently exist between IFRS and U.S. GAAP with regard to the presentation of information on the income statement include all of the following except 
different acceptable terminology relating to revenue items 
depreciation measures differ when equipment has been revalued 
different performance measures such as EBITDA are permitted under IFRS 
differences resulting because IFRS does not require the use of accrual accounting under the historical cost framework