Exam 6: Statements of Financial Position and Cash Flows and the Annual Report

Explore all topics

Explain the importance of the Summary of Significant Accounting Policies and list five facts that are generally included in this note.

(Essay)

4.8/5

(38)

Question 21

What are long-term assets for San Marcos Corporation?

(Multiple Choice)

4.8/5

(37)

Question 22

Prepare a classified balance sheet in IFRS-acceptable format for San Pedro Industries.

(Essay)

4.8/5

(43)

Question 23

The portion of long-term debt that matures during the coming year is classified as a current liability.

(True/False)

4.8/5

(34)

Question 24

Prepare a classified balance sheet using the account format for San Pedro Industries.

(Essay)

4.8/5

(39)

Question 25

Cash receipts from interest and dividends are classified as operating activities on a GAAP-based statement of cash flows.

(True/False)

4.9/5

(32)

Question 26

Which of the following statements regarding balance sheet presentation is true?

(Multiple Choice)

4.9/5

(39)

Question 27

Land held for resale is classified as property,plant,and equipment.

(True/False)

4.8/5

(31)

Question 28

The interest coverage ratio for Matthews Corporation is ________.

(Multiple Choice)

4.9/5

(50)

Question 29

The relevance of the balance sheet is limited because many assets are recorded at historical costs.

(True/False)

4.8/5

(28)

Question 30

If a company's financial statements are not fairly presented,which type of opinion will the auditor issue?

(Multiple Choice)

4.8/5

(30)

Question 31

Details about the composition of intangible assets are located in the Summary of Significant Accounting Policies.

(True/False)

4.9/5

(44)

Question 32

Dividend payments to shareholders are classified as operating activities on the statement of cash flows.

(True/False)

4.9/5

(32)

Question 33

When using the indirect method to report cash flows from operating activities,depreciation expense is subtracted from net income to arrive at cash flows from operating activities.

(True/False)

4.8/5

(39)

Question 34

Prepaid expenses are normally considered as current assets.

(True/False)

4.9/5

(34)

Question 35

Deluxe Hotels reported revenues of $560,000 for the year ended December 31,2017.Accounts receivable at December 31,2016 and 2017 were $65,000 and $52,000.If Deluxe uses the direct method of reporting operating cash flows,the company would report cash collected from customers of ________.

(Multiple Choice)

4.8/5

(36)

Question 36

List and explain three common cash flow measures based upon balance sheet information.

(Essay)

4.9/5

(37)

Question 37

Accumulated Other Comprehensive Income is reported on the statement of comprehensive income.

(True/False)

4.7/5

(35)

Question 38

Which of the following is classified as a financing activity on a statement of cash flows?

(Multiple Choice)

4.8/5

(26)

Question 39

Which of the following adjustments to net income is correct when using the indirect method for computing cash flows from operating activities?

(Multiple Choice)

4.9/5

(32)

Question 40

Showing 21 - 40 of 158

Exam 6: Statements of Financial Position and Cash Flows and the Annual Report

Explain the importance of the Summary of Significant Accounting Policies and list five facts that are generally included in this note.

What are long-term assets for San Marcos Corporation?

Prepare a classified balance sheet in IFRS-acceptable format for San Pedro Industries.

The portion of long-term debt that matures during the coming year is classified as a current liability.

Prepare a classified balance sheet using the account format for San Pedro Industries.

Cash receipts from interest and dividends are classified as operating activities on a GAAP-based statement of cash flows.

Which of the following statements regarding balance sheet presentation is true?

Land held for resale is classified as property,plant,and equipment.

The interest coverage ratio for Matthews Corporation is ________.

The relevance of the balance sheet is limited because many assets are recorded at historical costs.

If a company's financial statements are not fairly presented,which type of opinion will the auditor issue?

Details about the composition of intangible assets are located in the Summary of Significant Accounting Policies.

Dividend payments to shareholders are classified as operating activities on the statement of cash flows.

When using the indirect method to report cash flows from operating activities,depreciation expense is subtracted from net income to arrive at cash flows from operating activities.

Prepaid expenses are normally considered as current assets.

Deluxe Hotels reported revenues of $560,000 for the year ended December 31,2017.Accounts receivable at December 31,2016 and 2017 were $65,000 and $52,000.If Deluxe uses the direct method of reporting operating cash flows,the company would report cash collected from customers of ________.

List and explain three common cash flow measures based upon balance sheet information.

Accumulated Other Comprehensive Income is reported on the statement of comprehensive income.

Which of the following is classified as a financing activity on a statement of cash flows?

Which of the following adjustments to net income is correct when using the indirect method for computing cash flows from operating activities?

The Financial Reporting Environment

Financial Reporting Theory

Judgment and Applied Financial Accounting Research

Review of the Accounting Cycle

Statements of Net Income and Comprehensive Net Income

Accounting and the Time Value of Money

Revenue Recognition

OL: Revenue Recognition

Short-Term Operating Assets: Cash and Receivables

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, cost Allocation, and Derecognition

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

OL: Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

Filters