Financial Statements Flashcards

1
Q

An unusual AND infrequent nonrecurring event which has material effects–placed after discontinued operations on the income statement, net of tax effects

A

Extraordinary items

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

An income statement item that results from teh disposal of a business component and is placed as a separte category after income from continuoung operations

A

Discontinued operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A program that is planned and controlled by management and materially changes eihter hte scope of the business undertaken by the company, or hte manner in which the business is conducted

A

Restructuring charges–treated before extraordinary items–not extraordinary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The sum of net earnings (loss) and other comprehensive income–requires disclosure of changes to equity during a period due to non-owner transactions including:

1) unrealized gains/losses on AFS investements and foreign currency items
2) any reclassification adjustments
3) any adjustements necessary to recognize the funding status of pension plans or other postemployment benefits

A

Comprehensive income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A component in the SE securion o the balance sheet–all components of OCI are closed into this balance sheet account, NOT Retained Earnings

A

Accumulated OCI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The average time between acquisition of materials and final cash realization

A

Operating cycle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Events occurring after the balance sheet date but before the financial statements and report are issued or available to be issued

A

Subsequent events

How well did you know this?
1
Not at all
2
3
4
5
Perfectly