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Question 4 The effect of a transaction that is infrequent in occurrence but not unusual in nature should be presented separately as a component of income from continuing operations when the transaction results in a Question 5 Which of the following is a generally accepted accounting principle that illustrates the practice of conservatism during a particular reporting period? Question 6 According to the FASB conceptual framework, which of the following statements conforms to the realization concept? Question 7 In a statement of cash flows, which of the following would increase reported cash flows from operating activities using the direct method? (Ignore income tax considerations.) Question 8 White Co. wants to convert its 2001 financial statements from the accrual basis of accounting to the cash basis. Both supplies inventory and office salaries payable increased between January 1, 2001, and December 31, 2001.To obtain 2001 cash basis net income, how should these increases be added to or deducted from accrual basis net income? Question 9 A company is an accelerated filer that is required to file Form 10-K with the United States Securities and Exchange Commission (SEC). What is