ACC 557 Financial AccountingWeek 10 Quiz

Question Details: #21661
ACC 557 Financial AccountingWeek 10 Quiz

ACC557 Week10 Quiz 1-Multiple Choice Question 86Which one of the following affects cash during a period?Payment of an accounts payableRecording depreciation expenseWrite-off of an uncollectible account receivableDeclaration of a cash dividend2-Multiple Choice Question 106Land acquired from the issuance of common stock is reportedas a financing activity.in a separate schedule at the bottom of the statement.as an investing activity.as an operating activity.3-Multiple Choice Question 151The information to prepare the statement of cash flows usually comes from each of the following exceptthe comparative balance sheet.the current income statement.the retained earnings statement.additional information.4-Multiple Choice Question 46The statement of cash flows will not report theamount of checks outstanding at the end of the period.change in the cash balance for the current period.sources of cash in the current period.uses of cash in the current period.5-Multiple Choice Question 90Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called thecost-benefit method.direct method.indirect method.working capital method6-Multiple Choice Question 93In developing the cash flows from operating activities, most companies in the U. S.prepare the operating activities section on the accrual basis.use the direct method.use the indirect method.present both the indirect and direct methods in their financial reports.7- Multiple Choice Question 71Carrot Company issued common stock for proceeds of $381,000 during 2013. The company paid dividends of $90,000 and issued a long-term note payable for $95,000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $18,000. The financing section of the statement of cash flows will report net cash inflows of$489,000.$183,000.$363,000.$273,0008-IFRS Multiple Choice Question 223Each of the following items may be classified as operating or financing activities under IFRS exceptdividends paid.dividends received.interest paid.All of these may be classified as such.9-Multiple Choice Question 74Accounts receivable arising from sales to customers amounted to $45,000 and $50,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $160,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is$205,000.$155,000.$165,000.$160,00010-Multiple Choice Question 120The statement of cash flows will not provide insight intowhether cash flow is greater than net income.why dividends were not increased.the exact proceeds of a future bond issue.how the retirement of debt was accomplished.11-Multiple Choice Question 83Which one of the following items is not necessary in preparing a statement of cash flows?Determine the cash in all bank accountsDetermine the change in cashDetermine the cash provided by operationsDetermine cash from financing and investing activities12-Multiple Choice Question 44If a company reports a net loss, itwill not be able to pay cash dividends.may still have a net increase in cash.will not be able to get a loan.will not be able to make capital expenditures.13- Multiple Choice Question 108In Flagg Company, net income is $280,000. If accounts receivable increased $145,000 and accounts payable decreased $50,000, net cash provided by operating activities using the indirect method is:$475,000.$185,000.$85,000.$375,000.14-Multiple Choice Question 56The category that is generally considered to be the best measure of a company's ability to continue as a going concern isusually different from year to year.cash flows from operating activities.cash flows from investing activities.cash flows from financing activities.15-Multiple Choice Question 150Financing activities involvecash receipts from sales of goods and services.acquiring and disposing of productive long-lived assets.lending money to other entities and collecting on those loans.long-term liability and owners' equity items.
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Solution Details: #21698
ACC 557 Financial Accounting Week 10 Quiz

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