Misty Company Reported the Following Income From Continuing Operations
Chapter 4 The Income Statement, Comprehensive Income, and the
Statement of Cash Flows
True/False Questions
1. Income from continuing operations sometimes includes gains from nonoperating activities.
Answer: True
Level of Learning: 1 Easy
Learning Objective: 04-01
Topic Area: Income from continuing operations
Blooms: Remember
AACSB: Reflective thinking
AICPA: FN Measurement
2. Intraperiod tax allocation is the process of associating income tax effects with the income
statement components that create those effects.
Answer: True
Level of Learning: 1 Easy
Learning Objective: 04-04
Topic Area: Discontinued operations
Blooms: Remember
AACSB: Reflective thinking
AICPA: FN Measurement
3. Material restructuring costs are reported as an element of income from continuing operations.
Answer: True
Level of Learning: 1 Easy
Learning Objective: 04-01
Learning Objective: 04-03
Topic Area: Income from continuing operations
Topic Area: Restructuring costs
Blooms: Remember
AACSB: Reflective thinking
AICPA: FN Measurement
4. Earnings quality refers to the ability of reported earnings (income) to predict future earnings.
Answer: True
Level of Learning: 1 Easy
Learning Objective: 04-02
Topic Area: Earnings quality management
Blooms: Remember
AACSB: Reflective thinking
AICPA: BB Critical Thinking
AICPA: FN Measurement
Intermediate Accounting, Eighth Edition, Copyright © 2015 McGraw-Hill Education. All rights reserved. No
reproduction or distribution without the prior written consent of McGraw-Hill Education. 4–1
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