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Question 41 (1 point) Saved ...

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Accounting

Question 41 (1 point)

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Sandstrom Corporation has loss from discontinued operations of $200,000 and a tax rate of 40%. At what amount should Sandstrom report the discontinued operation?

Question 41 options:

$0
$120,000
$(120,000)
$(200,000)

Question 42 (1 point)

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Which of the following is not a current asset?

Question 42 options:

Prepaid insurance, 1 year policy
Land held for future expansion
Income tax refund receivable
All are current assets

Question 43 (1 point)

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The balance sheet is useful for analyzing all of the following except

Question 43 options:

financial flexibility
liquidity
profitability
solvency

Question 44 (1 point)

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A limitation of the balance sheet that is not also a limitation of the income statement is

Question 44 options:

the use of judgments and estimates
the numbers are affected by the accounting methods employed
valuation of items at historical cost

Question 45 (1 point)

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The correct order to present current assets is

Question 45 options:

cash, inventories, accounts receivable, prepaid items
cash, inventories, prepaid items, accounts receivable
cash, accounts receivable, inventories, prepaid items
cash, accounts receivable, prepaid items, inventories

Question 46 (1 point)

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Receivables are valued based on their

Question 46 options:

historical cost
lower-of-cost-or-market value
fair value
estimated amount expected to be collected

Question 47 (1 point)

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A generally accepted method of valuation for trading securities is at

Question 47 options:

fair value
net realizable value
historical cost
amortized cost

Question 48 (1 point)

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Treasury stock should be reported as a(n)

Question 48 options:

reduction of stockholders' equity
current asset
investment
other asset

Question 49 (1 point)

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Which of the following is not an acceptable major asset classification?

Question 49 options:

Current assets
Deferred charges
Long-term investments
Property, plant, and equipment

Question 50 (1 point)

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Accounting policies disclosed in the notes to the financial statements typically include all of the following except

Question 50 options:

the cost flow (LIFO/FIFO) assumption used
significant inventory purchasing policies
significant estimates made
the depreciation methods used
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