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A generally accepted account title is the financial

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Reference no: EM13452847

1. A generally accepted account title is

a. Prepaid Revenue.

b. Appropriation for Contingencies.

c Earned Surplus.

d. Reserve for Doubtful Accounts.

2. The financial statement which summarizes operating, investing, and financing activities of an entity for a period of time is the

a. retained earnings statement.

b. income statement.

c. statement of cash flows.

d. statement of financial position.

3. The statement of cash flows provides answers to all of the following questions except

a. where did the cash come from during the period?

b. what was the cash used for during the period?

c. what is the impact of inflation on the cash balance at the end of the year?

d. what was the change in the cash balance during the period?

4. The statement of cash flows reports all of the following except

a. the net change in cash for the period.

b. the cash effects of operations during the period.

c. the free cash flows generated during the period.

d. investing transactions.

5. The statement of cash flows helps meet one of the objectives of financial reporting, which is to assess all of the following except the

a. amount of future cash flows.

b. source of future cash flows.

c. timing of future cash flows.

d. uncertainty of future cash flows.

6. If common stock was issued to acquire an $8,000 machine, how would the transaction appear on the statement of cash flows?

a. It would depend on whether you are using the direct or the indirect method.

b. It would be a positive $8,000 in the financing section and a negative $8,000 in the investing section.

c. It would be a negative $8,000 in the financing section and a positive $8,000 in the investing section.

d. It would not appear on the statement of cash flows but rather on a schedule of noncash investing and financing activities.

7. Which of the following events will appear in the cash flows from financing activities section of the statement of cash flows?

a. Cash purchases of equipment.

b. Cash purchases of bonds issued by another company.

c. Cash received as repayment for funds loaned.

d. Cash purchase of treasury stock.

8. Making and collecting loans and disposing of property, plant, and equipment are

a. operating activities.

b. investing activities.

c. financing activities.

d. liquidity activities.

9. In preparing a statement of cash flows, sale of treasury stock at an amount greater than cost would be classified as a(n)

a. operating activity.

b. financing activity.

c. extraordinary activity.

d. investing activity.

10. In preparing a statement of cash flows, cash flows from operating activities

a. are always equal to accrual accounting income.

b. are calculated as the difference between revenues and expenses.

c. can be calculated by appropriately adding to or deducting from net income those items in the income statement that do not affect cash.

d. can be calculated by appropriately adding to or deducting from net income those items in the income statement that do affect cash.

Reference no: EM13452847

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