Accounting Cycle Multiple Choice Questions Homework Help
- November 7, 2017
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- Category: Accounting QA
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1. The statement of cash flows reports ________.
a) all of the income, expenses, profit or losses a company has earned or incurred during an accounting period the change in total assets during an accounting period
b) all of the cash a company has received and all of the cash a company has disbursed during an accounting period
c) all of the sources and uses of shareholders equity
2. The statement of cash flows reports the ________.
a) sources and uses of cash
b) profitability of a company
c) changes in shareholders equity
d) financial position of a company
3. Cash budgets allow companies to plan for any cash shortage by ________.
a) borrowing money
b) altering the timing of receipts or disbursements
c) securing a line of credit from a local bank
d) all of these
4. Cash from operating activities includes ________.
a) all cash receipts and all cash disbursements for long-term business assets
detailed estimates of the sources of cash and uses of cash
b) all cash receipts and cash disbursements for routine sales and payments made in the course of doing business
c) all cash receipts and all cash disbursements for loans, contributions from owners, and distributions to owners
5. . The following information is from Cashew, Inc. s December 31, 2011 annual report:
Income statement Balance sheet
12/31/11 12/31/10
Sales Revenue $90,000
Accounts receivable $8,000 $10,000
Salary expense $30,000
Salary payable $2,000 $3,000
Cash collected from customers on Cashew, Inc. s statement of cash flows equals ________.
a) $92,000
b) $88,000
c) $90,000
d) $98,000
6. The following information is from Sharp, Inc. s December 31, 2011 annual report:
Income statement Balance sheet
12/31/11 12/31/10
Sales Revenue $90,000
Accounts receivable $8,000 $10,000
Salary expense $30,000
Salary payable $2,000 $3,000
Cash paid for salaries on Sharp, Inc. s statement of cash flows equals ________.
a) $31,000
b) $29,000
c) $30,000
d) $33,000
7. The following information is from X, Inc. s December 31, 2011 annual report:
Income statement Balance sheet
12/31/11 12/31/10
Sales Revenue $90,000
Unearned revenue $8,000 $10,000
Insurance expense $30,000
Prepaid insurance $2,000 $3,000
Note: X, Inc. does not sell to its customers on account; it collects cash from its customers in advance.
Cash collected from customers on X, Inc. s statement of cash flows equals ________.
a) $98,000
b) $92,000
c) $88,000
d) $90,000
8. The following information is from Avatar, Inc. s December 31, 2011 annual report:
Income statement Balance sheet
12/31/11 12/31/10
Sales Revenue $80,000
Unearned revenue $5,000 $9,000
Insurance expense $20,000
Prepaid insurance $3,000 $2,000
Note: Avatar always collects cash from its customers in advance.
Cash paid for insurance on Avatar, Inc. s statement of cash flows equals ________.
a) $23,000
b) $19,000
c) $22,000
d) $21,000
9. The following information is from ABC, Inc. s December 31, 2011 annual report:
Income statement Balance sheet
12/31/11 12/31/10
Sales Revenue $800,000
Unearned revenue $8,000 $10,000
Insurance expense $30,000
Prepaid insurance $1,000 $3,000
Note: ABC, Inc. does not sell to its customers on account; it collects cash from its customers in advance.
Cash paid for interest on ABC, Inc. s statement of cash flows equals ________.
a) $28,000
b) $32,000
c) $33,000
d) $30,000
10.The direct method of preparing the operating activities section of the statement of cash flows ________.
a) adjusts accrual-basis income
b) lists each important item of cash outflows from investing activities
c) adjusts cash-basis income
d) lists each important item of cash inflows from operating activities
11. The direct method for the preparation of the statement of cash flows ________.
a) starts by estimating the sources of cash and the uses of cash.
b) starts with net income and makes adjustments for all the items that are not cash.
c) starts by converting every number on the income statement to its cash amount.
d) all of these
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12. The indirect method of preparing the statement of cash flows ________.
a) starts by converting net income into an accrual-based number
b) is preferred by business over the direct method
c) reports a greater amount of cash than the direct method
d) provides greater clarity for users than the direct method
13. Depreciation expense, using the indirect method of preparing the statement of cash flows, is ________.
a) added to investing activities
b) subtracted from investing activities
c) added to net income
d) subtracted from net income
14. The indirect method for the preparation of the statement of cash flows ________.
a) is not in conformity with GAAP
b) is not in conformity with IFRS
c) is the preferred method used by businesses
d) is recommended by the FASB
15. A use of cash for operating activities is ________.
a) payment of dividends
b) cash used to purchase treasury stock
c) payment of an account payable
d) cash used to buy equipment
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