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Intermediate Accounting Study Set 7
Exam 6: Statements of Financial Position and Cash Flows and the Annual Report
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Question 61
True/False
The IFRS definition of current liabilities differs from the definition of current liabilities under GAAP.
Question 62
True/False
The portion of long-term debt that matures during the coming year is classified as a current liability.
Question 63
Essay
List and explain three common cash flow measures based upon balance sheet information.
Question 64
True/False
When preparing the operating activities section of the statement of cash flows under the indirect method, depreciation expense is subtracted from net income.
Question 65
True/False
When preparing the operating activities section of the statement of cash flows under the indirect method, losses on sales of equipment are omitted.
Question 66
True/False
Dividend payments to shareholders are classified as operating activities on the statement of cash flows.
Question 67
Multiple Choice
Moore Corporation reported net income of $200,000 for the current year ended June 30. Accounts receivable had a beginning balance of $34,000 and an ending balance of $44,000. Accounts payable had a beginning balance of $29,000 and an ending balance of $41,000. Assuming that this is all of the relevant information, Moore's cash flows from operating activities are ________.
Question 68
Multiple Choice
Presented below are selected accounts for San Marcos Corporation for December 31 of the current year.
What is total stockholders' equity for San Marcos Corporation?
Question 69
True/False
The statement of cash flows summarizes a firm's cash inflows and outflows at a specific point in time.
Question 70
Multiple Choice
All of the following activities are classified as financing activities on a statement of cash flows except ________.
Question 71
Multiple Choice
Presented below are selected accounts for San Marcos Corporation for December 31 of the current year.
What are long-term assets for San Marcos Corporation?
Question 72
True/False
When using the direct method of reporting cash flows from operating activities, increases in accounts receivable are subtracted from revenues to arrive at cash receipts from customers.