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Vendor: Test Prep
Exam Code: FINANCIAL-ACCOUNTING-AND-REPORTING
Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Certification: Test Prep Certifications
Total Questions: 163 Q&A
Updated on: Dec 13, 2024
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The cumulative effect of a change in accounting estimate should be shown separately: A. On the income statement above income from continuing operations.
B. On the income statement after income from continuing operations and before extraordinary items.
C. On the retained earnings statement as an adjustment to the beginning balance.
D. It should not be recorded separately on any financial statement.
Which of the following describes how comprehensive income should be reported?
A. Must be reported in a separate statement, as part of a complete set of financial statements.
B. Should not be reported in the financial statements but should only be disclosed in the footnotes.
C. May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
D. May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
Which of the following is not a valuation technique that can be used to measure the fair value of an asset or liability?
A. The market approach.
B. The impairment approach.
C. The income approach.
D. The cost approach.
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