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ACC 557 Week 10 Quiz


ACC 557 Week 10 Quiz fin571

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ACC 557 Week 10 Quiz
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 28 views.

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Date Created: 11/11/15
1 Multiple Choice Question 86 Which one of the following affects cash during a period Payment of an accounts payable ifquot Recording depreciation expense ifquot Writeoff of an uncollectible account receivable ifquot Declaration of a cash dividend f 2 Multiple Choice Question 106 Land acquired from the issuance of common stock is reported as a nancing activity in a separate schedule at the bottom of the statement as an investing activity as an operating activity 3 Multiple Choice Question 151 The information to prepare the statement of cash flows usually comes from each of the following except the comparative balance sheet if the current income statement if the retained earnings statement if additional information if 4 Multiple Choice Question 46 The statement of cash flows will not report the amount of checks outstanding at the end of the period P change in the cash balance for the current period P sources of cash in the current period P uses of cash in the current period P 5 Multiple Choice Question 90 Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the costbene t method r direct method r indirect method r working capital method 6 Multiple Choice Question 93 In developing the cash flows from operating activities most companies in the U S prepare the operating activities section on the accrual basis ifquot use the direct method if use the indirect method if present both the indirect and direct methods in their nancial reports Iquot 7 Multiple Choice Question 71 Carrot Company issued common stock for proceeds of 381000 during 2013 The company paid dividends of 90000 and issued a longterm note payable for 95000 in exchange for equipment during the year The company also purchased treasury stock that had a cost of 18000 The nancing section of the statement of cash flows will report net cash in ows of 489000 183000 363000 273000 8 IFRS Multiple Choice Question 223 Each of the following items may be classi ed as operating or nancing activities under IFRS except dividends paid if dividends received ifquot interest paid it All of these may be classi ed as such itquot 9 Multiple Choice Question 74 Accounts receivable arising from sales to customers amounted to 45000 and 50000 at the beginning and end of the year respectively Income reported on the income statement for the year was 160000 Exclusive of the effect of other adjustments the cash flows from operating activities to be reported on the statement of cash flows is 205000 155000 165000 160000 10 Multiple Choice Question 120 The statement of cash flows will not provide insight into whether cash flow is greater than net income if why dividends were not increased ifquot the exact proceeds of a future bond issue it how the retirement of debt was accomplished if 11 Multiple Choice Question 83 Which one of the following items is not necessary in preparing a statement of cash flows Determine the cash in all bank accounts Iquot Determine the change in cash ifquot Determine the cash provided by operations Iquot Determine cash from nancing and investing activities 1F 12 Multiple Choice Question 44 If a company reports a net loss it will 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 108 In Flagg Company net income is 280000 If accounts receivable increased 145000 and accounts payable decreased 50000 net cash provided by operating activities using the indirect method is 475000 185000 85000 375000 14 Multiple Choice Question 56 The category that is generally considered to be the best measure of a company39s ability to continue as a going concern is usually different from year to year cash ows from operating activities Iquot cash flows from investing activities 3 cash flows from nancing activities 3 15 Multiple Choice Question 150 Financing activities involve cash receipts from sales of goods and services F acquiring and disposing of productive longlived assets lending money to other entities and collecting on those loans 1 longterm liability and owners39 equity items


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