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suing its annual financial reports within one month of the end of th is an c A) Understandabienhanhanci B) Verifiability C Timeliness D) Comparability Ale ndability 11. A year 12. Which of the following is included in comprehensive income? A) B) C) D) Distributions to owners. Changes in accounting principles Unrealized gains on available-for-sale securities. Investments by owners. 13. Which one of the following types of losses is excluded from the determination of net income in income statements? A) Material losses resulting from unusual sales of assets not acquired for resale. B) Material losses resulting from correction of errors related to prior periods. C) Material losses resulting from transactions in the company's investments account. D) Material losses resulting from the write-off of intangibles. 14. A trial balance may prove that debits and credits are equal, but A) B) C) D) a transaction could have been omitted. an amount could be entered in the wrong account. a transaction could have been entered twice. All of these answer choices are correct. 15. For Mortenson Company, the following information is available: Cost of goods sold Dividend revenue Income tax expense Operating expenses Sales revenue In Mortenson's multiple-step income statement, gross profit A) should be reported at $51,000. B should be reported at $225,000. $390,000 15,000 36,000 138,000 600,000 oo ,09 should not be reported D) should be reported at $210,000. Page 3

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