Solved

Match Each Item to Financial Statement Section

Question 84

Matching

Match each item to financial statement section.

Premises:
Loss due to government expropriation of plant location in Venezuela
Financial effects of the adoption of a new FASB standard regarding post-retirement benefits
Financial effects of dropping a company’s domestic product division
Unusual and infrequent gain from a plant explosion
Unrealized gain/loss from trading securities
Interest revenue
Responses:
Income from continuing operations section of the income statement
Discontinued operations section of the income statement
Cumulative effect of a change in accounting principle section of the income statement
Balance sheet
Not necessary to report on a financial statement

Correct Answer:

Loss due to government expropriation of plant location in Venezuela
Financial effects of the adoption of a new FASB standard regarding post-retirement benefits
Financial effects of dropping a company’s domestic product division
Unusual and infrequent gain from a plant explosion
Unrealized gain/loss from trading securities
Interest revenue
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