Acc101 final 2

Acc101 final 2

University

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30 Qs

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Acc101 final 2

Acc101 final 2

Assessment

Quiz

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Business

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University

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Practice Problem

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=267 Which of the following will be presented in a direct Cashflow Statement?

a. Depreciation expense

b. Decreases in Prepaid expenses

c. Loss in disposal of asset

d. Cash paid to suppliers

e. Increases in account payable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=268 How are NSF checks adjusted in Bank reconciliation statement?

a. Deducted from Bank statement balance

b. Added to Bank statement balance

c. Deducted from accounting book balance

d. Added to accounting book balance

e. None of these

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=269 An example of an operating activity is:

a. Paying wages

.b. Purchasing office equipment.

c. Borrowing money from a bank

d. Selling stock

e. Paying off a loan.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=270 A company acquires equipment for $75,000 cash. This represents a(n):

a. Operating activity.

b. Investing activity

c. Financing activity

d. Revenue activity

e. Expense activity.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=271 Operating activities:

a. Are the means organizations use to pay for resources like land, buildings and equipment

b. Involve using resources to research, develop, purchase, produce, distribute and market products and services.

c. Involve acquiring and disposing of resources that a business uses to acquire and sell its products or services

d. Are also called asset management.e. Are also called strategic management.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=272 Income statement and Balance sheet

a. Report effects of cash-relating transactions

b. Do not explain the changes in cash during the period

c. Record sources and uses of cash during the period

d. Are classified into operating activities, investing activities and financing activities.

e. None of these

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=273 Which of the following will be presented in a direct Cashflow Statement?

a. Bad debt expense

b. Increases in Prepaid expenses

c. Gain in disposal of asset

d. Cash received from customers

e. Increases in account receivable

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