even more exam 2 Flashcards
What is the intended use of the Income Statement?
Evaluate past performance of a company over time.
Provide a basis for predicting future performance.
Help assess the amount, timing, risk and uncertainty of achieving future cash flows.
What is considered an unusual/infrequent gain or loss? Select all that apply.
Gains/loss on the sale of investments
Casualty Loss
What is the proper format for reporting Discontinued Operations on a Multi-Step Income Statement?
Income/(Loss) from Operations, Gain/(Loss) on Disposal
Which of the following gets reported as supplemental balance sheet information? Check all that apply.
Information regarding the agreements of long-term debt
Accounting policies
Contractual situations
Contingencies
Fair values
Which of the following is not a method of disclosing pertinent information in the balance sheet?
Worksheets
The current cash debt coverage ratio is a measure of
Liquidity
The cash debt coverage ratio is a measure of
Financial Flexibility
Free Cash Flow is a measure of
Financial Flexibility
Working Capital is a measure of
Liquidity
