|Financial Statements #1||Open|
1) The cost flow assumption that results in less net income when the cost of the inventory items is increasing.
2) The income statement format that reports the amount of gross profit as a line item is the _____________-step format.
3) A corporation's own stock that has been purchased by the corporation but is not retired is ___________ stock.
4) When an accountant is faced with two possible alternatives for reporting a situation, this accounting guideline directs the accountant to select the alternative that will result in less net income and less asset amount (or a greater liability amount).
5) When a long-term asset is sold for less than its book value, the difference is reported on the income statement as a ______.
6) An accounting year ending with a date other than December 31 is a _________-year company.
7) A long-term asset used in a business that does not get depreciated.
8) The cumulative earnings of a corporation minus the cumulative dividends declared by the corporation is generally the amount reported on the balance sheet as ____________ Earnings.
9) The __________ of the financial statements includes the company name and the name of the financial statement.
10) Dividends that a corporation declares and pays are reported under this activity on the statement of cash flows.
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