Acc 557 Wk 10 Chapter 13 Quiz - All Possible Questions

ACC 557 WK 10 Chapter 13 Quiz - All Possible Questions

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ACC 557 WK 10 Chapter 13 Quiz - All Possible Questions

TRUE-FALSE STATEMENTS

    1.     The statement of cash flows is a required statement that must be prepared along with an income statement, balance sheet, and retained earnings statement.

    2.     For external reporting, a company must prepare either an income statement or a statement of cash flows, but not both.

    3.     A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions.

    4.     A statement of cash flows indicates the sources and uses of cash during a period.

    5.     A statement of cash flows should help investors and creditors assess the entity’s ability to generate future income.

    6.     The information in a statement of cash flows helps investors and creditors assess the company’s ability to pay dividends and meet obligations.

    7.     Financial statement readers can determine future investing and financing transactions by examining a company’s statement of cash flows.

    8.     In preparing a statement of cash flows, the issuance of debt should be reported separately from the retirement of debt.

    9.     Noncash investing and financing activities must be reported in the body of a statement of cash flows.

  10.     The statement of cash flows classifies cash receipts and payments as operating, nonoperating, financial, and extraordinary activities.

  11.     The sale of land for cash would be classified as a cash inflow from an investing activity.

  12.     Cash flow from investing activities is considered the most important category on the statement of cash flows because it is considered the best measure of expected income.

  13.     The receipt of dividends from long-term...