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ACC 557 Week 10 Chapter 13 Quiz

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ACC 557 Week 10 Chapter 13 Quiz;Multiple Choice Question 96;;Which of the following would be added to net income using the indirect method?;An increase in prepaid expenses;A decrease in accounts payable;An increase in accounts receivable;Depreciation expense;Multiple Choice Question 65;;Indicate where the event common stock issued for cash would appear, if at all, on the indirect statement of cash flows.;Operating activities section;Investing activities section;Financing activities section;Does not represent a cash flow;Multiple Choice Question 121;;Which of the following transactions would not be classified as a financing activity?;Answer: Purchase of long term-investment in bonds;Purchase of treasury stock;Purchase of a long-term investment in bonds;Payment of dividends;Issuance of bonds at a discount;Multiple Choice Question 92;;Using the indirect method, patent amortization expense for the period;is added to net income.;causes cash to increase.;causes cash to decrease.;is deducted from net income.;Multiple Choice Question 75;;Winston Company reported net income of $50,000 for the year. During the year, accounts receivable decreased by $7,000, accounts payable increased by $3,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is;$40,000.;$49,000.;$65,000.;$45,000.;Multiple Choice Question 122;;A measure that describes the cash remaining from operations after adjustment for capital expenditures and dividends is;adjusted cash from operations.;cash provided by operations.;free cash flow.;net cash provided by operating activities.;Multiple Choice Question 45;;In addition to the three basic financial statements, which of the following is also a required financial statement?;the Statement of Cash Flows;the "Cash Budget;the "Cash Reconciliation;the Statement of Cash Inflows and Outflows;ultiple Choice Question 109;;In Stretch Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at cost $110,000, and a cash purchase of land for $158,000. In the statement of cash flows, the change in the land account should be reported in the investment section;as a net purchase of land, $48,000.;only as a purchase of land $158,000.;as a purchase of land $158,000 and a sale of land $110,000.;only as a sale of land $110,000.;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;indirect method.;cost-benefit method.;working capital method.;direct method.;Multiple Choice Question 149;;Which of the following steps is not required in preparing the statement of cash flows?;Determine the net change in cash.;Determine cash from investing and financing activities.;Determine the change in current assets.;Determine the net cash provided by operating activities.;Multiple Choice Question 71;;Carrot 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;$183,000.;$489,000.;$273,000.;$363,000.;Multiple Choice Question 74;;Accounts 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;$165,000.;$205,000.;$160,000.;$155,000.;IFRS Multiple Choice Question 220;;Under IFRS, the cash flow statement can be prepared using;Either the direct or indirect method.;the direct method only.;the T-account method only.;the indirect method only.;Multiple Choice Question 125;;During 2013, Forman Industries reported cash provided by operations of $690,000, cash used in investing of $1,029,000, and cash used in financing of $135,000. In addition, cash spent for fixed assets during the period was $414,000. No dividends were paid. Based on this information, what was Forman's free cash flow?;($339,000);($888,000);$1,440,000;$276,000;Multiple Choice Question 73;;Accounts receivable arising from sales to customers amounted to $85,000 and $75,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $285,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is;$295,000.;$445,000.;$275,000.;$285,000.

 

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