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Worksheets123123
Total questions: 38
Worksheet time: 19mins
Name
Class
Date
1.
Should this appear in the other comprehensive income section of the income statement? Unrealized gains and losses on available-for-sale securities
a)
True
b)
False
2.
Should this appear in the other comprehensive income section of the income statement? Impairment loss on an intangible asset
a)
True
b)
False
3.
Should this appear in the other comprehensive income section of the income statement? Dividend revenue
a)
True
b)
False
4.
Should this appear in the other comprehensive income section of the income statement? Unrealized foreign currency translation adjustments
a)
True
b)
False
5.
Should this appear in the other comprehensive income section of the income statement? Operating loss related to a discontinued operation
a)
True
b)
False
6.
A company should report revenues and expenses related to a discontinued operation below the "income from continuing operations" line on a multiple-step income statement.
a)
True
b)
False
7.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Interest Revenue
a)
True
b)
False
8.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Interest Expense
a)
True
b)
False
9.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Dividend Revenue
a)
True
b)
False
10.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Gains on the sale of a long-term asset
a)
True
b)
False
11.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Impairment loss on an intangible asset
a)
True
b)
False
12.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Salaries Expense
a)
True
b)
False
13.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Depreciation Expense
a)
True
b)
False
14.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Estimated Sales Returns and Allowances
a)
True
b)
False
15.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Cost of Goods Sold
a)
True
b)
False
16.
Assume the company does not have a discontinued operations section. On the multiple-step income statement for a typical retailer-type company, should this be reported in the section often labeled "Other Items" or "Other Revenues and Expenses"? Dividends Declared
a)
True
b)
False
17.
Which of the following would be the correct way to word the date line of a statement of cash flows?
a)
for the year ended 12/31/X1
b)
at 12/31/X1
18.
The direct method can be used to prepare the Operating Activity section of the Statement of Cash Flows.
a)
True
b)
False
19.
The direct method can be used to prepare the Investing Activity section of the Statement of Cash Flows.
a)
True
b)
False
20.
The direct method can be used to prepare the Financing Activity section of the Statement of Cash Flows.
a)
True
b)
False
21.
The indirect method can be used to prepare the Operating Activity section of the Statement of Cash Flows.
a)
True
b)
False
22.
The indirect method can be used to prepare the Investing Activity section of the Statement of Cash Flows.
a)
True
b)
False
23.
The indirect method can be used to prepare the Financing Activity section of the Statement of Cash Flows.
a)
True
b)
False
24.
What type of activity is: Cash received from the issuance of a note payable?
a)
Operating
b)
Investing
c)
Financing
25.
What type of activity is: Cash received from interest earned on a note receivable?
a)
Operating
b)
Investing
c)
Financing
26.
What type of activity is: Cash paid for interest incurred on a note payable?
a)
Operating
b)
Investing
c)
Financing
27.
What type of activity is: Cash received from a customer?
a)
Operating
b)
Investing
c)
Financing
28.
What type of activity is: Cash received from the issuance of common stock?
a)
Operating
b)
Investing
c)
Financing
29.
What type of activity is: Cash dividends paid to stockholders?
a)
Operating
b)
Investing
c)
Financing
30.
What type of activity is: Cash paid to purchase inventory?
a)
Operating
b)
Investing
c)
Financing
31.
What type of activity is: Cash paid to employees?
a)
Operating
b)
Investing
c)
Financing
32.
What type of activity is: Cash received from the sale of equipment?
a)
Operating
b)
Investing
c)
Financing
33.
What type of activity is: Cash paid to settle an asset retirement obligation?
a)
Operating
b)
Investing
c)
Financing
34.
What type of activity is: Cash paid for start-up costs?
a)
Operating
b)
Investing
c)
Financing
35.
What type of activity is: Cash paid to purchase a trademark?
a)
Operating
b)
Investing
c)
Financing
36.
Jennings Inc. purchased land by issuing common stock. For statement of cash flow purposes, the proper classification for this transaction is _______________.
a)
as a noncash activity
b)
as an investing activity
c)
as a financing activity
d)
as an operating activity
37.
During 20X1, Rupert Corp. sold land at a loss of $40,000. The land was sold for cash, and there were no new land purchases during the year. How much cash did the company receive from the land sale?
a)
40000
b)
20000
c)
80000
d)
120000
e)
160000
38.
On Beasley Corp.’s statement of cash flows, its net cash flows from operating activities are equal to $480,000 when the indirect method is used. If the direct method had been used for the operating activities section instead, the net cash flows from operating activities amount should be:
a)
Less than $480,000
b)
Equal to $480,000
c)
Greater than $480,000
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