The Number of Years of Income Statement Information to Be

question 25

Multiple Choice

The number of years of income statement information to be presented is

• A)2 years under both GAAP and IFRS.
• B)3 years under both GAAP and IFRS.
• C)2 years under GAAP and 3 years under IFRS.
• D)3 years under GAAP and 2 years under IFRS.
• IFRS.

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Definitions:

Financing Activities

Transactions related to raising capital, repaying investors, and restructuring the financial basis of the entity in the statement of cash flows.

Treasury Stock

Stock that a corporation has once issued and then reacquires.

Cash Dividends

Payments made by a corporation to its shareholders from its profits or reserves, usually in the form of cash.

Noncash Investing

Investment activities that do not involve cash transactions, often including the acquisition of physical assets, securities, or other investments through non-cash exchanges.