Which of the following statements about nonrecurring items is least accurate？
A. Gains from extraordinary items are reported net of taxes at the bottom of the income statement before net income.
B. Unusual or infrequent items are reported before taxes above net income from continuing operations.
C. A change in accounting principle is reported in the income statement net of taxes after extraordinary items and before net income.
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Under U.S. GAAP, taxes paid would be classified as:
A. Operating cash flow.
B. Financing cash flow.
C. No cash flow impact.
An analyst who is interested in a companys long-term solvency would most likely examine the:
A. Return on total capital.
B. Defensive interval ratio.
C. Fixed charge coverage ratio.
Sales of inventory would be classified as:
A. Operating cash flow.
B. Investing cash flow.
C. Financing cash flow.
According to the IASB Conceptual Framework, the fundamental qualitative characteristics that make financial statements useful are:
A. Verifiability and timeliness.
B. Relevance and faithful representation.
C. Understandability and relevance.
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