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ACC 360 Ch. 21

ACC 360

QuestionAnswer
Which of the following financial statements is prepared as of a particular point in time rather than for a period of time? Balance sheet.
Which one of the following financial statements does not report amounts primarily on an accrual basis? Statement of cash flows.
Which of the following is not required by generally accepted accounting principles? Cash flow per share.
Which of the following never requires an outflow of cash? Amortization of patent
Which of the following is not an inflow of cash? Depletion
All of the following may qualify as cash equivalents except: Newly issued corporate bonds.
The primary objective of the statement of cash flows is to provide information about a company's: Cash receipts and disbursements.
How is the amortization of patents reported in a statement of cash flows that is prepared using the direct method? Not reported.
When a transfer is made between cash and cash equivalents with no gain or loss, how is the transaction treated in the statement of cash flows? It is not reported.
Creditors and investors would generally find the statement of cash flows least useful for assessing the: Financial position at a point in time.
A firm reported ($ in millions) net cash inflows (outflows) as follows: operating $75, investing ($200), and financing $350. The beginning cash balance was $250. What was the ending cash balance? $475. ($75 - $200 + $350 + $250 = $475)
Cash equivalents generally would not include short-term investments in: Held-to-maturity securities.
Cash equivalents have each of the following characteristics except: Maturity of at least three months.
When a company purchases a security it considers a cash equivalent, the cash outflow is: Not reported on a statement of cash flows.
When preparing a statement of cash flows using the direct method, accrual of payroll expense is: None of the above is correct.
A firm reported salary expense of $239,000 for the current year. The beginning and ending balances in salaries payable were $40,000 and $15,000, respectively. What was the amount of cash paid for salaries? $264,000. (239,000 + 25,000)
In a statement of cash flows in which operating activities are reported by the direct method, which of the following would increase reported cash flows from operating activities? Interest revenue.
Which of the following is reported as an operating activity in the statement of cash flows? The payment of interest on long-term notes.
Created by: atomlinson