ACC 2 Unit 6.00

Front

What is the purpose of an audit report?

Back

to detail and communicate audit findings to the internal and external stakeholders

Front

If audited financial statements contain highly significant material issues, fail to adhere to GAAP, and therefore fail to present the company’s financial situation fairly or accurately, the auditor should issue a/an:

Back

adverse opinion.

Front

On December 31, 20XX, Little Bill's Corporation is preparing its end-of-year financial statements for 20XX. Which is the correct heading for the Statement of Cash Flows?

Back

Little Bill's Corporation Statement of Cash Flows
For Year Ended December 31, 20XX

Front

Refer to the Comparative Income Statement for Sandy Pebble’s Corporation. Based on the information provided, what is the net income to be entered on the Statement of Cash Flows? Options: $65,000, $172,000, $197,000, $222,000

Back

$172,000

Front

What is the net change in cash?

Back

$28,000 decrease

Front

What is the amount of increase or decrease from Accounts Receivable?

Back

$50,000 increase

Front

Based on the information provided, what is the depreciation expense that would be entered on the Statement of Cash Flows? (This amount would be added to the Net Income amount on the Statement of Cash Flows.)

Back

$32,000

Front

Using the information provided, what is the amount of increase or decrease for Supplies?

Back

$1,700 decrease

Front

Using the information provided, what is the amount of increase or decrease for Merchandise Inventory?

Back

$125,000 increase

Front

Sweets 4 U Corporation is preparing its end-of-year statements for December 31, 20XX. What is the correct heading for the Statement of Cash Flows?

Back

Sweets 4 U Corporation
Statement of Cash Flows
For the Year Ended December 31, 20XX