ACC 560 Week 10 Quiz – Strayer NEW


Click On The Link Below to Purchase A+ Graded Material
Instant Download

http://budapp.net/ACC-560-Week-10-Quiz-Strayer-NEW-ACC560W10Q.htm


Week 10 Quiz 9: Chapter 13

TRUE-FALSE STATEMENTS

    1.     The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

    2.     For external reporting, a company must prepare either an income statement or a statement of cash flows, but not both.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

    3.     A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

    4.     A statement of cash flows indicates the sources and uses of cash during a period.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

    5.     A statement of cash flows should help investors and creditors assess the entity’s ability to generate future income.

Ans: LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA
    6.     The information in a statement of cash flows helps investors and creditors assess the company’s ability to pay dividends and meet obligations.

Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

    7.     Financial statement readers can determine future investing and financing transactions by examining a company’s statement of cash flows.

Ans: LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

    8.     In preparing a statement of cash flows, the issuance of debt should be reported separately from the retirement of debt.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: None, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA

    9.     Noncash investing and financing activities must be reported in the body of a statement of cash flows.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  10.     The statement of cash flows classifies cash receipts and payments as operating, nonoperating, financial, and extraordinary activities.

Ans: LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  11.     The sale of land for cash would be classified as a cash inflow from an investing activity.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  12.     Cash flow from investing activities is considered the most important category on the statement of cash flows because it is considered the best measure of expected income.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  13.     The receipt of dividends from long-term investments in stock is classified as a cash inflow from investing activities.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  14.     The payment of interest on bonds payable is classified as a cash outflow from operating activities.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  15.     Any item that appears on the income statement would be considered as either a cash inflow or cash outflow from operating activities.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Measurement, AICPA PC: None, IMA: FSA

  16.     The acquisition of a building by issuing bonds would be considered an investing and financing activity that did not affect cash.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  17.     All major financing and investing activities affect cash.

Ans: LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: FSA
  18.     Cash provided by operations is generally equal to operating income.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  19.     Using the indirect method, an increase in accounts receivable during a period is deducted from net income in calculating cash provided by operations.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  20.     Using the indirect method, an increase in accounts payable during a period is deducted from net income in calculating cash provided by operations.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  21.     A loss on sale of equipment is added to net income in determining cash provided by operations under the indirect method.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  22.     In preparing a statement of cash flows, an increase in the Common Stock and Treasury Stock accounts during a period would be an investing activity.

Ans: LO: 3, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  23.     Cash provided by operating activities fails to take into account that a company must invest in new fixed assets just to maintain its current level of operations.

Ans: LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

  24.     Free cash flow equals cash provided by operations less capital expenditures and cash dividends.

Ans: LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Communications, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting

a25.     The use of a worksheet to prepare a statement of cash flows is optional.

Ans: LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA

a26.     During the year, Income Tax Expense amounted to $30,000 and Income Taxes Payable increased by $4,000; therefore, the cash paid for income taxes was $26,000.

Ans: LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: FSA

a27.     The loss on disposal of plant assets is a debit to the operating section of the cash account.

Ans: LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory, AICPA FN: Reporting, AICPA PC: None, IMA: Reporting

a28.     The change in cash is equal to the change in liabilities less the change in equity plus the change in noncash assets.

Ans: LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Re

Comments

Post a Comment

Popular posts from this blog

CIS 552 Week 10 Term Paper – Strayer New

Click on The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-552-Week-10-Term-Paper-Strayer-New-CIS552TP.htm Term Paper: Redesigning Security Operations Imagine you have recently been hired as the Information security director at a start-up health care research firm, where confidential client data is housed in its Data Center. Currently, the company has 100 employees and expects to expand its workforce to 300 in the next three (3) months and the company is moving to a new location in an urban office building across four (4) floors. The security operations and defensive mechanisms have been run in the past by the Networking Department and due to the move, you have a chance to start anew with the company’s security operations to improve its overall security posture. Write an eight to ten (8-10) page paper in which you: Identify what you perceive to be the five (5) most concerning threats to the network, computing environ...
Read more

CIS 555 Week 10 Term Paper – Strayer New

Click on The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-555-Week-10-Term-Paper-Strayer-New-CIS555TP.htm Term Paper: Reengineering the Course Enrollment Process Consider Strayer University’s current process of enrolling for courses through the use of the Web. Suppose that the University has contracted you to reengineer the enrollment process that considers the Web and other modes of input. The expectation is that you will gather information from current system users, analyze the collected data, propose a solution, and provide a requirements document. Assume that your professor has been tasked by the University to be the stakeholder for the reengineering of the enrollment process. Assume further that you are the analyst that will propose and document the system-as-is and system-to-be. A discussion thread has been set up by your professor so that you will post questions for the professor as the stakeholder for questions pertai...
Read more

CIS 542 Week 10 Term Paper – Strayer New

Click on The Link Below To Purchase A+ Graded Material Instant Download http://budapp.net/CIS-542-Week-10-Term-Paper-Strayer-New-CIS542TP.htm Term Paper: Web Application Security Challenges This assignment consists of two (2) sections: a written paper and a PowerPoint presentation. You must submit both sections as separate files for the completion of this assignment. Label each file name according to the section of the assignment it is written for. You are the Chief Security Officer (CSO) for an e-Commerce company and are concerned about security for your e-Commerce applications. Specifically, your company’s Board of Directors has requested a detailed forward-looking plan with emphasis on securing your Web presence assets. Read the article titled, “Web application security is growing problem for enterprises” located at http://www.infoworld.com/d/security-central/web-application-security-growing-problem-enterprises-843?page=0,0 . Also, be sure research at least four...
Read more