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

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Hackett,Inc had property tax payable of $75,000 and $110,000 at the end of 2016 and 2017 respectively.During 2017,Hackett recorded $750,000 in property tax expense on its income statement.Cash outflows for property tax during 2017 were ________.

(Multiple Choice)

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Question 41

If an auditor's independence is impaired during an audit,an adverse opinion will be issued.

(True/False)

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Question 42

The IFRS definition of current liabilities differs from the definition of current liabilities under GAAP.

(True/False)

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Question 43

The two components of return on equity are return on assets and financial leverage.

(True/False)

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Question 44

Purchases of fixed assets are classified as investing activities on the statement of cash flows.

(True/False)

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Question 45

Current assets are those that a firm expects to convert into cash within one year or its operating cycle,whichever is longer.

(True/False)

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Question 46

What are current liabilities for San Marcos Corporation?

(Multiple Choice)

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Question 47

Cash flows from operating activities are ________.

(Multiple Choice)

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Question 48

Cash flows from operating activities are ________.

(Multiple Choice)

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Question 49

Which of the following would be disclosed in the Summary of Significant Accounting Policies?

(Multiple Choice)

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Question 50

Two components of return on equity are liquidity and solvency.

(True/False)

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Question 51

All of the following activities are classified as financing activities on a statement of cash flows except ________.

(Multiple Choice)

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Question 52

Hitchcock Enterprises sold a vacant plot of land for $20,000.The company had paid $5,000 for the land ten years ago.On the statement of cash flows,this transaction would be reported as a ________.

(Multiple Choice)

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Question 53

Which of the following is not considered an investing activity when preparing the statement of cash flows?

(Multiple Choice)

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Question 54

The current ratio is for Matthews Corporation is ________.

(Multiple Choice)

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Question 55

If an auditor is unable to form an opinion on the fair presentation of the financial statements,a disclaimer of opinion will be issued.

(True/False)

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Question 56

The financial leverage for Matthews Corporation is ________.

(Multiple Choice)

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Question 57

Which of the following is a component of shareholders' equity?

(Multiple Choice)

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Question 58

Disclosure of a related-party transaction must include an evaluation of the fairness of the transaction's terms.

(True/False)

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Question 59

Presented below are financial statements for Brownsville Industries: Compute the following ratios a.Current ratio b.Debt to Equity Ratio c.Interest Coverage Ratio. d.Return on Assets e.Financial Leverage. f.Return on Equity What do these ratios reveal about the financial condition of Brownsville Industries?

(Essay)

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Question 60

Showing 41 - 60 of 158

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

Hackett,Inc had property tax payable of $75,000 and $110,000 at the end of 2016 and 2017 respectively.During 2017,Hackett recorded $750,000 in property tax expense on its income statement.Cash outflows for property tax during 2017 were ________.

If an auditor's independence is impaired during an audit,an adverse opinion will be issued.

The IFRS definition of current liabilities differs from the definition of current liabilities under GAAP.

The two components of return on equity are return on assets and financial leverage.

Purchases of fixed assets are classified as investing activities on the statement of cash flows.

Current assets are those that a firm expects to convert into cash within one year or its operating cycle,whichever is longer.

What are current liabilities for San Marcos Corporation?

Cash flows from operating activities are ________.

Cash flows from operating activities are ________.

Which of the following would be disclosed in the Summary of Significant Accounting Policies?

Two components of return on equity are liquidity and solvency.

All of the following activities are classified as financing activities on a statement of cash flows except ________.

Hitchcock Enterprises sold a vacant plot of land for $20,000.The company had paid $5,000 for the land ten years ago.On the statement of cash flows,this transaction would be reported as a ________.

Which of the following is not considered an investing activity when preparing the statement of cash flows?

The current ratio is for Matthews Corporation is ________.

If an auditor is unable to form an opinion on the fair presentation of the financial statements,a disclaimer of opinion will be issued.

The financial leverage for Matthews Corporation is ________.

Which of the following is a component of shareholders' equity?

Disclosure of a related-party transaction must include an evaluation of the fairness of the transaction's terms.

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

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