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Chapter-1_Solution - Chapter 1 ANSWERS TO MULTIPLE CHOICE 1...

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Chapter - 1 ANSWERS TO MULTIPLE CHOICE 1. b) 2. d) 3. d) 4. c) 5. a) 6. c) 7. a) 8. a) 9. c) 10. b) MINI-EXERCISES M1–1. Element Financial Statement B (1) Expenses A. Balance sheet D (2) Cash flow from investing activities B. Income statement A (3) Assets C. Statement of retained earnings C* (4) Dividends D. Statement of cash flows B (5) Revenues D (6) Cash flow from operating activities A (7) Liabilities D (8) cash flow from financing activities *Dividends paid in cash are also subtracted in the Financing section of the Statement of Cash Flows M1–2. SE (1) Retained earnings A (2) Accounts receivable R (3) Sales revenue A (4) Property, plant, and equipment E (5) Cost of goods sold expense A (6) Inventories E (7) Interest expense L (8) Accounts payable A (9) Land 1
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E1–3. L (1) Accounts payable A (10) Buildings A (2) Accounts receivable A (11) Cash and cash equivalents E (3) Cost of goods sold A (12) Land E (4) Distribution and warehousing costs A (13) Machinery and equipment L (5) Dividends payable E (14) Marketing, selling and advertising E (6) General and administrative R
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