Earnings Per Share Must Be Reported on the Face of Every

question 119

Multiple Choice

Earnings per share must be reported on the face of every income statement that is

• A)Prepared in accordance with generally accepted accounting principles.
• B)Prepared in accordance with the National Association of State Boards of Accountancy standards.
• C)Prepared in accordance with ethical standards set by the American Institute of Certified Public Accountants.
• D)None of these ans choices are correct.

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Definitions:

End-of-period Spreadsheet

A financial report or document summarizing the accounting data and transactions at the close of an accounting period, often used for preparing financial statements.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, clearing the temporary accounts for the next period.

Pre-closing Trial Balance

A listing of all active ledger accounts and their balances after adjusting entries are made but before closing entries, to verify the equality of debits and credits.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.