Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Operating activities result from the cash effects of A. producing and delivering goods and services. B. purchasing and disposing of fixed assets used in production of revenue. C. borrowing and repaying loans used in the production of revenue. D. selling stocks and bonds to raise capital for the generation of revenue. 979 viewsDarshita asked February 10, 2020 0 Votes 1 Ans The change in a firm’s cash position between successive balance sheet dates will not equal the reported earnings for that period for all of the following reasons except: A. Reported net income usually will not equal cash flow from operating activities because noncash revenues and expenses are often recognized as part of accrual earnings. B. Reported net income usually will not equal cash flow from operating activities because certain operating cash inflows and outflows are not recorded as revenues or expenses under accrual accounting in the same period the cash flows occur. C. Changes in cash are also caused by nonoperating investing activities like the purchase of treasury stock. D. Additional changes in cash are caused by financing activities like the repayment of a bank loan. 717 viewsDarshita asked February 10, 2020 0 Votes 1 Ans Notes to the financial statements typically contain all of the following except A. a summary of significant accounting policies. B. disclosure of important subsequent events. C. management’s discussion and analysis. D. related-party transactions 1.27K viewsDarshita asked February 10, 2020 0 Votes 1 Ans All of the following disclosures would appear in the Summary of Significant Accounting Policies except A. inventory method. B. depreciation method. C. long-term construction contract method. D. financing method. 603 viewsDarshita asked February 10, 2020 0 Votes 1 Ans The term “consolidated” is used in financial statements under U.S. GAAP to refer to the financial reporting for a parent and its subsidiaries. The equivalent term used on balance sheets in the United Kingdom is A. cooperative. B. satellite. C. consolidated. D. group. 854 viewsDarshita asked February 10, 2020 0 Votes 1 Ans In the United States, assets are presented in decreasing order of liquidity. In the United Kingdom and other European countries using IFRS A. fixed assets may be presented first followed by the current assets displayed in increasing order of liquidity. B. the current assets are displayed in increasing order of liquidity. C. investments are listed first in descending order of maturity. D. a company may present its assets in alphabetical order if it so desires. 588 viewsDarshita asked February 9, 2020 0 Votes 1 Ans Common-size balance sheets may be used for all of the following except A. gaining insights into the nature of a company’s operations. B. analyzing a company’s asset and financial structure. C. determining how management assesses the risks a company faces. D. learning about the underlying economics of an industry 824 viewsDarshita asked February 9, 2020 0 Votes 1 Ans In a common-size balance sheet, each balance sheet account is expressed as a percentage of total A. liabilities. B. assets. C. shareholders’ equity. D. assets plus shareholders’ equity. 626 viewsDarshita asked February 9, 2020 0 Votes 0 Ans Retained earnings are reported on the balance sheet at A. historical cost. B. current market value. C. net realizable value. D. a mixture of different measurement bases. 458 viewsDarshita asked February 9, 2020 0 Votes 1 Ans The Retained Earnings account is comprised of A. cash retained in the business. B. cash reinvested in the business by shareholders. C. the cumulative earnings less dividends since the inception of the corporation. D. the earnings of the corporation for the current year. 710 viewsDarshita asked February 9, 2020 0 Votes 0 Ans The Additional Paid-In Capital account is reported on the balance sheet at the A. current market value of the stock minus par value. B. historical sales price of the stock minus the par value. C. net realizable value of the stock minus par value. D. discounted present value of the future dividends minus par value. 519 viewsDarshita asked February 9, 2020 0 Votes 1 Ans The Common Stock account is reported on the balance sheet at the A. historical par value of the stock. B. current market value of the stock. C. net realizable value of the stock. D. discounted present value of the future dividends. 579 viewsDarshita asked February 9, 2020 0 Votes 0 Ans The amount of income taxes recognized on the income statement but not yet payable to the government are found on the A. balance sheet in the account Deferred Income Taxes. B. balance sheet in the account Income Taxes Payable. C. income statement in the account Income Tax Expense Current. D. income statement in the account Income Tax Expense Deferred. 500 viewsDarshita asked February 9, 2020 0 Votes 1 Ans The unpaid amount of income taxes due to the government for a given year are found on the A. balance sheet in the account Deferred Income Taxes. B. balance sheet in the account Income Taxes Payable. C. income statement in the account Income Tax Expense Current. D. income statement in the account Income Tax Expense Deferred. 556 viewsDarshita asked February 9, 2020 0 Votes 1 Ans The balance sheet amount reported for a long-term debt on the issue date is the A. discounted present value of the future principal repayment. B. discounted present value of the periodic interest payments. C. sum of the future value of principal repayment and the periodic interest payments. D. sum of the discounted present values of the future principal repayments and the periodic interest payments. 811 viewsDarshita asked February 9, 2020 0 Votes 1 Ans . Long-term debt is reported on the balance sheet at A. current market value. B. net realizable value. C. discounted present value. D. future value. 576 viewsDarshita asked February 8, 2020 0 Votes 1 Ans Current liabilities are reported on the balance sheet at A. current market value. B. historical cost. C. discounted present value. D. future value. 517 viewsDarshita asked February 8, 2020 0 Votes 1 Ans Net property, plant and equipment are reported on the balance sheet at A. current market value. B. historical cost. C. historical cost minus accumulated depreciation. D. net realizable value. 667 viewsDarshita asked February 8, 2020 0 Votes 1 Ans . Inventories are reported on the balance sheet at A. current market value. B. historical cost. C. net realizable value. D. the lower of cost or market 621 viewsDarshita asked February 8, 2020 0 Votes 1 Ans The value of Accounts Receivable is adjusted on the balance sheet by the contra-asset account A. Allowance for Amortization. B. Allowance for Doubtful Accounts. C. Bad Debt Expense. D. Doubtful Accounts Expense. 528 viewsDarshita asked February 8, 2020 « Previous 1 2 … 18 19 20 21 22 … 128 129 Next »
