OBJECTIVE QUESTIONS [54 points] CHING vided, write the word or phrase from the list provided that is defined or in A. The accountant's approach to income measurement B. All changes in equity during a period except those resulting from C. D. equity transaction with owners. The appropriate classification of a theft from our warehouse which resulted in a materials loss to the The title of the income statement category used to report the sale of an entire component of a business. company E. Income statement section following Income from Continuing Operations, After Income Tax A measure of the firm's ability to pay current liabilities using current assets. F. Capital maintenance approach Change in accounting principal Continuing operations Earnings per share Financial approach Change in accounting estimate Extraordinary item Free Cash Flow Operations Approach Other Gains and revenue Prior period adjustments Transaction approach Other Comprehensive Income Other losses and expenses Unusual item FILL-in-the-Blank [16 points 2. In the space provided at the right, write the word or phrase that best fits the definition given. I. Statement showing results of operations for a firm for a period of time 2. Statement showing financial position of a firm at a point in time. 3. Outflow of cash or other using up of assets or the incurence of liabilties for the ongoing major or central operations of a firm 4. Statement that ties earnings information and other changes in resources to the balance sheet each period 5. Statement that shows how a firm gets and pays out money 6. Economic rights or competitive advantages which lack physical substance that are owned or controlied by a firm 7. Probable future economic benefits obtained or controlled by an entity 8. Obligations expected to be paid through use of current assets