1. The most likely level of income to be obtained in the future—that i


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1. The most likely level of income to be obtained in the future—that is, to extent this year's net income is a good predictor of future years' net income is a. sustainable income. b. net income. c. net income adjusted for irreg

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1. The most likely level of income to be obtained in the future—that
is, to extent this year's net income is a good predictor of future years' net income is
a. sustainable income.
b. net income.
c. net income adjusted for irregular items.
d. both sustainable income and the income adjusted for irregular items.
2. Which of the following would be reported as an irregular item?
a. The gain or loss from the disposal of a significant component of a business.
b. Loss from damages caused by a hurricane.
c. Extraordinary items, net of tax.
d. All of these answer choices are correct.
3. Discontinued operations should be shown in the income statement
a. as "Other revenues and gains."
b. as "Other expenses and losses."
c. in a separate section titled "Irregular Item."
d. net of tax.
4. Which of the following would affect to quality of earnings?
a. Alternative accounting methods.
b. Pro forma income.
c. Improper recognition.
d. All of these answer choices are correct.

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