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NEW QUESTION: 1
Select each description on the left and drag it to the correct property mode on the right.

Answer:
Explanation:

NEW QUESTION: 2
Under FASB Statement of Financial Accounting Concepts #5, which of the following items would cause
earnings to differ from comprehensive income for an enterprise in an industry not having specialized
accounting principles?
A. Loss on exchange of nonmonetary assets with commercial substance.
B. Loss on exchange of nonmonetary assets without commercial substance.
C. Unrealized loss on investments in current marketable equity securities held for trading.
D. Unrealized loss on investments in noncurrent marketable equity securities available for sale.
Answer: D
Explanation:
Choice "a" is correct. Unrealized loss on investments in marketable equity securities available for sale
would cause earnings to differ from comprehensive income for an enterprise in an industry not having
specialized accounting principles. Rule: FAC 5 defines "earnings" for a period to exclude certain
cumulative accounting adjustments and other non-owner changes in equity (such as changes in market
value of marketable securities available for sale) that are included in comprehensive income for a period.

NEW QUESTION: 3

A. Option A
B. Option D
C. Option C
D. Option B
Answer: C