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A loss due to a discontinued operation should be reported on the income statement 2. Ca. above income from continuing operations b. below income from continuing operations c. without related tax effect 3. d. as an operating expense 4. 2. Percentage analyses, ratios, turnovers, and other measures of financial position and operating results are ca. enough information for analysis; industry information is not needed b. unnecessary for analysis if industry information is available c. a substitute for sound judgment d. useful analytical measures 3. 4. 5. 1. 2. Which of the following items should be classified as an unusual item on an income statement? Ca. selling treasury stock for more than the company paid for it b. loss due to a discontinued operation in Colorado C. gain on the retirement of a bond payable d. gain on a sale of a long-term investment 3. 4. The tendency of the return on stockholders' equity to vary disproportionately from the return on total assets is because of 2. 3. ca. leverage b. quick assets C. solvency d. yield 4. 1. 2. Horizontal analysis is a technique for evaluating financial statement data a. over a period of time b. on a certain date 3. c. as it may appear in the future d. for one period of time 4. 5. 6. 2. All of the following are typically included in the Management's Discussion and Analysis in annual reports except Ca. explanations of any significant changes between the current and prior years' financial statements b. off-balance-sheet arrangements c. journal entries d. management's assessment of liquidity 3. 5. 6. 1. Which of the following measures a company's ability to pay its current liabilities? 2. a. earnings per share b. current ratio 3. c. inventory turnover d. times interest earned 4. 5. 6. 7. 1. 2. Which of the following would appear as an unusual item on the income statement? Ca. loss resulting from the sale of fixed assets b. presentation of earnings per share C. stock split d. gain resulting from the disposal of a segment of the business 3. 4. 5. 6. 7. 8. 1. . The purpose of an audit is to 2. Ca. render an opinion on the fairness of the statements b. determine whether or not a company is a good investment C. determine whether or not a company is a good credit risk d. determine whether or not a company complies with corporate social responsibility 3. 4. 5. 6. 7. 8 9