Spiceland C4 SolutionsWord文件下载.docx
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Spiceland C4 SolutionsWord文件下载.docx
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Question4-2
Incomefromcontinuingoperationsincludestherevenue,expense,gain,andlosstransactionsthatwillprobablycontinueinfutureperiods.Itisimportanttosegregatetheincomeeffectsoftheseitemsbecausetheyarethemostimportanttransactionsintermsofpredictingfuturecashflows.
Question4-3
Operatingincomeincludesrevenuesandexpensesandgainsandlossesthataredirectlyrelatedtotheprincipalrevenuegeneratingactivitiesofthecompany.Nonoperatingincomeincludesitemsthatarenotdirectlyrelatedtotheseactivities.
Question4-4
Thesingle-stepformatfirstlistsallrevenuesandgainsincludedinincomefromcontinuingoperationstoarriveattotalrevenuesandgains.Allexpensesandlossesarethengroupedandsubtotaled,subtractedfromrevenuesandgainstoarriveatincomefromcontinuingoperations.Themultiple-stepformatreportsaseries(multiple)ofintermediatetotalssuchasgrossprofit,operatingincome,andincomebeforetaxes.Veryoftenincomestatementsadoptvariationsoftheseformats,fallingsomewhereinbetweenthetwoextremes.
Question4-5
Thetermearningsqualityreferstotheabilityofreportedearnings(income)topredictacompany’sfutureearnings.Afterall,anincomestatementsimplyreportsoneventsthatalreadyhaveoccurred.Therelevanceofanyhistorical-basedfinancialstatementhingesonitspredictivevalue.
Question4-6
Restructuringcostsincludecostsassociatedwithshutdownorrelocationoffacilitiesordownsizingofoperations.Theyarereportedasanoperatingexpenseintheincomestatement.
Question4-7
Theprocessofintraperiodtaxallocationmatchestaxexpenseortaxbenefitwitheachmajorcomponentofincome,specificallycontinuingoperationsandanyitemreportedbelowcontinuingoperations.Theprocessisnecessarytoachievethedesiredresultofseparatingthetotalincomeeffectsofcontinuingoperationsfromthetwoseparatelyreporteditems-discontinuedoperationsandextraordinaryitems,andalsotoshowtheafter-taxeffectofeachofthosetwocomponents.
AnswerstoQuestions(continued)
Question4-8
Thenet-of-taxincomeeffectsofadiscontinuedoperationmustbedisclosedseparatelyintheincomestatement,belowincomefromcontinuingoperations.Theincomeeffectsincludeincome(loss)fromoperationsandgain(loss)ondisposal.Thegainorlossondisposalmustbedisclosedeitheronthefaceofthestatementorinadisclosurenote.Ifthecomponentisheldforsalebutnotsoldbytheendofthereportingperiod,theincomeeffectswillincludeincome(loss)fromoperationsandanimpairmentlossifthefairvaluelesscoststosellislessthanthebookvalueofthecomponent’sassets.Theincome(loss)fromoperationsofthecomponentisreportedseparatelyindiscontinuedoperationsonpriorincomestatementspresentedforcomparativepurposes.
Question4-9
Extraordinaryitemsarematerialgainsandlossesthatarebothunusualinnatureandinfrequentinoccurrence,takingintoaccounttheenvironmentinwhichtheentityoperates.
Question4-10
Extraordinarygainsandlossesarepresented,netoftax,intheincomestatementbelowdiscontinuedoperations,ifany.
Question4-11
GAAPpermitalternativetreatmentsforsimilartransactions.CommonexamplesarethechoiceamongFIFO,LIFO,andaveragecostforthemeasurementofinventoryandthechoiceamongalternativerevenuerecognitionmethods.Achangeinaccountingprincipleoccurswhenacompanychangesfromonegenerallyacceptedtreatmenttoanother.
Ingeneral,wereportvoluntarychangesinaccountingprinciplesretrospectively.Thismeansrevisingallpreviousperiods’financialstatementsasifthenewmethodwereusedinthoseperiods.Inotherwords,foreachyearinthecomparativestatementsreported,werevisethebalanceofeachaccountaffected.Specifically,wemakethosestatementsappearasifthenewlyadoptedaccountingmethodhadbeenappliedallalong.Also,ifretainedearningsisoneoftheaccountswhosebalancerequiresadjustment(anditusuallyis),werevisethebeginningbalanceofretainedearningsfortheearliestperiodreportedinthecomparativestatementsofshareholders’equity(orstatementsofretainedearningsifthey’representedinstead).Thenwecreateajournalentrytoadjustallaccountbalancesaffectedasofthedateofthechange.Inthefirstsetoffinancialstatementsafterthechange,adisclosurenotewoulddescribethechangeandjustifythenewmethodaspreferable.Italsowoulddescribetheeffectsofthechangeonallitemsaffected,includingthefactthattheretainedearningsbalancewasrevisedinthestatementofshareholders’equityalongwiththecumulativeeffectofthechangeinretainedearnings.
Anexceptionisachangeindepreciation,amortization,ordepletionmethod.Thesechangesareaccountedforasachangeinestimate,ratherthanasachangeinaccountingprinciple.Changesinestimatesareaccountedforprospectively.Theremainingbookvalueisdepreciated,amortized,ordepleted,usingthenewmethod,overtheremainingusefullife.
Question4-12
Achangeinaccountingestimateisaccountedforintheyearofthechangeandinsubsequentperiods;
prioryears’financialstatementsarenotrestated.Adisclosurenoteshouldjustifythatthechangeispreferableandshoulddescribetheeffectofachangeonanyfinancialstatementlineitemsandpershareamountsaffectedforallperiodsreported.
Question4-13
Priorperiodadjustmentsareaccountedforbyrestatingprioryears’financialstatementswhenthosestatementsarepresentedagainforcomparisonpurposes.Thebeginningofperiodretainedearningsisincreasedordecreasedonthestatementofshareholders’equity(orthestatementofretainedearnings)asofthebeginningoftheearliestperiodpresented.
AnswerstoQuestions(concluded)
Question4-14
Earningspershare(EPS)istheamountofincomeachievedduringaperiodforeachshareofcommonstockoutstanding.Iftherearedifferentcomponentsofincomereportedbelowcontinuingoperations,theireffectsonearningspersharemustbedisclosed.Ifaperiodcontainsdiscontinuedoperationsandextraordinaryitems,EPSdatamustbereportedseparatelyforincomefromcontinuingoperationsandnetincome.Pershareamountsfordiscontinuedoperationsandextraordinaryitemswouldbedisclosedonthefaceoftheincomestatement.
Question4-15
Comprehensiveincomeisthetotalchangeinequityforareportingperiodotherthanfromtransactionswithowners.Reportingcomprehensiveincomecanbeaccomplishedwithaseparatestatementorbyincludingtheinformationineithertheincomestatementorthestatementofchangesinshareholders’equity.
Question4-16
Thepurposeofthestatementofcashflowsistoprovideinformationaboutthecashreceiptsandcashdisbursementsofanenterpriseduringaperiod.Similartotheincomestatement,itisachangestatement,summarizingthetransactionsthatcausedcashtochangeduringaparticularperiodoftime.
Question4-17
Thethreecategoriesofcashflowsreportedonthestatementofcashflowsare:
1.Operatingactivities—Inflowsandoutflowsofcashrelatedtothetransactionsenteringintothedeterminationofnetincomefromoperations.
2.Investingactivities—Involvetheacquisitionandsaleof
(1)long-termassetsusedinthebusinessand
(2)nonoperatinginvestmentassets.
3.Financingactivities—Involvecashinflowsandoutflowsfromtransactionswithcreditorsandowners.
Question4-18
Noncashinvestingandfinancingactivitiesaretransactionsthatdonotincreaseordecreasecashbutareimportantinvestingandfinancingactivities.Anexamplewouldbetheacquisitionofproperty,plantandequipment(aninvestingactivity)byissuingeitherlong-termdebtorequitysecurities(afinancingactivity).Theseactivitiesarereportedeitheronthefaceofthestatementofcashflowsorinadisclosurenote.
Question4-19
Thedirectmethodofreportingcashflowsfromoperatingactivitiespresentsthecasheffectofeachoperatingactivitydirectlyonthestatementofcashflows.Theindirectmethodofreportingcashflowsfromoperatingactivitiesisderivedindirectly,bystartingwithreportednetincomeandaddingandsubtractingitemstoconvertthatamounttoacashbasis.
Question4-20
Therearetwopossibleseparatelyreporteditemsthatcouldappearinincomestatements,discontinuedoperationsandextraordinaryitems.InternationalFinancialReportingStandards(IFRS)prohibitreportingextraordinaryitems.
Question4-21
IFRSprovidestheoptionofpresentingcomponentsofothercomprehensiveincomeeitherin(a)asinglestatementofcomprehensiveincomeor(b)inaseparateincomestatementfollowedbyastatementofcomprehensiveincome.U.S.GAAPalsoallowsthereportingofothercomprehensiveincomeinthestatementofshareholders’equity
Question4-22
U.S.GAAPdesignatescashoutflowsforinterestpaymentsandcashinflowsfrominterestanddividendsreceivedasoperatingcashflows.Dividendspaidtoshareholdersareclassifiedasfinancingcashflows.IFRSallowsmoreflexibility.Companiescanreportinterestanddividendspaidaseitheroperatingorfinancingcashflowsandinterestanddividendsreceivedaseitheroperatingorinvestingcashflows.Interestanddividendpaymentsusuallyarereportedasfinancingactivities.Interesta
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