Income Statement Assignment

1. The statement of financial position is another name for the income statement

True

False

2. The income statement only statements dated as of a point in time.

True

False

3. Assets and liabilities come into existence at different times and are not affected the same way by inflation and specific price level changes

True

False

4. For the purposes of the balance sheet preparation, there are several different measurement bases are used (historical cost, depreciated historical cost, market value, realizable value, present value) which compromises the comparability characteristic of accounting information

True

False

5. The present value of a future cash flow is its discounted value and it is the primary measurement basis for long term investmests

True

False

6. Current asset (CA): an asset expected to be realized in cash or to be consumed or sold during the normal operating cycle, or within one year of the balance sheet date, whichever is shorter.

True

False

7. Gains represent increases in net assets or settlements of liabilities by providing goods and services

True

False

8. Expenses represent decreases in net assets or incurred liabilities through the provision of goods or services

True

False

9. The requirement to disclose comprehensive income affects the computation of net income

True

False

10. Statement of Cash Flows is required for all business enterprises which report both financial position (Balance Sheet) and results of operations (Income Statement) for a period.

True

False

11. Under the net method of accounting for the cash discounts, if the customer does not pay within the discount period, a sales discount forfeit is recognized (revenue account):

True

False

12. Under the allowance method, we can estimate the uncollectable accounts receivable using either the 1) Percentage-of-Sales Approach and/or 2) Percentage-of-Receivables Approach:

True

False. .

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