Reference no: EM13570140

Under both U.S and IFRS, which one of the following items is reported separately in the income statement, net of tax? A. Restructuring cost B Discontinued operation C Extraordinary and losses D None of the above A voluntary change in accounting principle is accounted for by: A A cumulative effect on income in the year of the challenge B A retrospective reporting of all comparative financial statement shown C A prior period adjustment D A separate line component of income Using the completed contract method of accounting for long -term contract: A Losses are recognized before the contract is completed B Expenses are recorded each period, but revenue is only recognized when the contract is completed C Is not permitted under generally accepted accounting principle D Neither gain or losses recognized until the contract is completed Slick Used Cars sells per-owned cars on the installment sale basis and carries it own note because its customers typically cannot qualify for a bank loan.Default rates tend to be high or unpredictable.However, in the vent of nonpayment,Slick can usually repossess the cars without loss.The revenue method Slick would use is the: A. Installment sale methods B Point of sale method c.Cost recovery method D completed contract method