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When canceling debt before its maturity, debt retirement, it is theorized that the recal

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1. When canceling debt before its maturity, debt retirement, it is theorized that the recall of the. 1 answer below » 1. When canceling debt before its maturity, debt retirement, it is theorized that the recall of the debt is a current decision. For that reason any gains or losses arising from the debt retirement should be A. reported in the current period income statement as an extraordinary item B. reported in the current period income statement as an extraordinary item, net of tax C. reported in the current period statement of retained earnings as a prior period adjustment D. reported in the current period income statement but not as an extraordinary item View complete question » 1. When canceling debt before its maturity, debt retirement, it is theorized that the recall of the debt is a current decision. For that reason any gains or losses arising from the debt retirement should be A. reported in the current period income statement as an extraordinary item B. reported in the current period income statement as an extraordinary item, net of tax C. reported in the current period statement of retained earnings as a prior period adjustment D. reported in the current period income statement but not as an extraordinary item Document Preview: 1. When canceling debt before its maturity, debt retirement, it is theorized that the recall of the debt is a current decision. For that reason any gains or losses arising from the debt retirement should be
A. reported in the current period income statement as an extraordinary item
B. reported in the current period income statement as an extraordinary item, net of tax
C. reported in the current period statement of retained earnings as a prior period adjustment
D. reported in the current period income statement but not as an extraordinary item
2. For disclosing the periodic income tax expense on the income statement, one method advocated by proponents of the net-of-tax method theorize that this method should report
A. income tax expense equal to current income tax payable
B. only deferred tax assets but not deferred tax liabilities
C. only deferred tax liabilities but not deferred tax assets
D. net operating loss tax carry-forwards but not net operating loss tax carry-backs
3. The SEC has rules which protect entities from fraud charges as long as the estimates by management used in their annual reports are prepared in a reasonable manner and disclosed in good faith. These rules are referred to as
A. management by exception allowances
B. Regulation Y-P
C. Wheat Rules
D. safe harbor
4. A method of accounting for business combinations that is no longer allowed is the
A. purchase method
B. pooling of interests method
C. goodwill method
D. parent-subsidiary method
5. One of the primary reasons that the Federal Government passed the ERISA Act of 1974 (Pension Reform Act of 1974) is that the Federal Government was concerned about
A. the accounting for the pension expense
B. the accounting for the pension asset/liability
C. the funding policies of pension plans
D. the sudden rise in the popularity of defined contribution plans
6. If the benefits and risks of ownership have been transferred in a lease agreement, a capital… Attachments: Q.docx Q-Attachment…..docx View less » Jul 28 2015 06:01 PM



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