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L1 25 Understanding Income Statements > c calculate revenue given information that might influence the choice of revenue recognition method; > Flashcards

c calculate revenue given information that might influence the choice of revenue recognition method; Flashcards

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L1 25 Understanding Income Statements (10 decks)

A describe the components of the income statement and alternative presentation formats of that statement;

B describe general principles of revenue recognition and accrual accounting, specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi

D describe general principles of expense recognition, specific expense recognition applications, and implications of expense recognition choices for financial analysis;

E describe the financial reporting treatment and analysis of non-recurring items (including discontinued operations, extraordinary items, unusual or infrequent items) and changes in accounting standards;

F distinguish between the operating and non-operating components of the income statement;

G,H describe how earnings per share is calculated and calculate and interpret a company’s earnings per share (both basic and diluted earnings per share) for both simple and complex capital structures; distinguish between dilutive and antidilutive securities, and describe the implications of each for

I convert income statements to common-size income statements;

K,L describe, calculate, and interpret comprehensive income; describe other comprehensive income, and identify major types of items included in it.

J evaluate a company’s financial performance using common-size income statements and financial ratios based on the income statement;

c calculate revenue given information that might influence the choice of revenue recognition method;

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