Question

Match each statement with the appropriate phrase that is defined or indicated.

1. Net income minus preferred dividends divided by the weighted average of shares outstanding.
2. All changes in equity during a period except those resulting from investments by owners and distributions to owners.
3. A correction of an error is reported as a
4. The portion of equity interest in a subsidiary not attributable to the parent company.
5. The income statement category for a disposal of a component of a business.
6. Relating tax expense to specific items on the income statement.
7. Obligations expected to be liquidated
8. Statement showing financial condition at a
9. Events that depend upon future outcomes.
10. Probable future sacrifices of economic benefits
11. Resources expected to be converted to
12. Resources of a durable nature used in
13. Economic rights or competitive advantages
14. Probable future economic benefits.
15. Residual interest in the net assets of an entity
1. Earnings per share
2. Other Comprehensive Income
3. Prior Period Adjustment
4. Non-Controlling Interest
5. Discounted Operations
6. ________________________________
7. through use of current assets.
8. point in time.
9.____________________________________
10.___________________________________
11. cash in one year or the operating cycle, whichever is longer.
12. operations.
13. which lack physical substance.
14.____________________________________
15._______________________________

Answer 1

1. Net income minus preferred dividends divided by the weighted average of shares outstanding

Correct terms: Earnings per share

2. All changes in equity during a period except those resulting from investments by owners and distributions to owners.

Correct terms: Other Comprehensive Income

3. A correction of an error is reported as a

Correct terms: Prior Period Adjustment

4. The portion of equity interest in a subsidiary not attributable to the parent company.

Correct terms: Non-Controlling Interest

5. The income statement category for a disposal of a component of a business.

Correct terms: Discounted Operations

6. Relating tax expense to specific items on the income statement.

Correct terms: Intraperiod tax allocation

7. Obligations expected to be liquidated

Correct terms: Current liabilities

8. Statement showing financial condition at a

Correct terms: Balance sheet

9. Events that depend upon future outcomes.

Correct terms: Contingencies

10. Probable future sacrifices of economic benefits

Correct terms: Liabilities

11. Resources expected to be converted to

Correct terms: Current assets

12. Resources of a durable nature used in

Correct terms: Property, plant, and equipment

13. Economic rights or competitive advantages

Correct terms: Intangible assets

14. Probable future economic benefits.

Correct terms: Assets

15. Residual interest in the net assets of an entity

Correct terms: Equity