ACTG 3110 Study Guide - Midterm Guide: Income Tax, Current Asset, Retained Earnings

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Statement of comprehensive income: statement of profit or loss (net income, oci. Items that will never be reclassified into earnings. Earnings per share (eps: weighted average # of shares, diluted eps. Income tax allocation: intraperiod tax allocation, interperiod tax allocation. Asset disposals: abandoned assets, idle asset, selling individual current asset, selling individual noncurrent assets. Sale of asset is highly probable: asking price is realistic, active program of sale was started, management committed to selling asset, unlikely that management will withdraw or change terms of sale, reasonable expectation of selling within year. Declassification of held for sale asset: disposal groups. Asset groups that are stand alone groups. Asset groups part of discontinued operations: discontinued operations. Disposal group must be cash generating unit of the business that constitutes a major line of business or significant geographic segment. Must be separate segment that generates revenues and expense separately from other divisions. Must meet criteria for held for sale asset as well: restructuring.

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