Accounting Test 2 - Accounting Test 2 1. Which of the...

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Accounting Test 2 1. Which of the following is financial cash flow? a. Owner investment b. Owner withdrawals c. Receipts from issuing long-term notes payable d. Payments on long-term notes payable 2. Calculate Book value of equipment a. Take the assets original cost minus the related accumulated depreciation 3. Which of the following results in increase of cash a. Decrease of assets b. Increase in liability c. Increase in OE 4. Where does depreciation expense appear on statement of cash flows using direct method a. Depreciation expense appears as an outflow for operating activities in the direct method 5. Net Income gets adjusted into cash under indirect method or direct method? a. Indirect method 6. Which of the following is a temporary account a. Revenue and expense accounts, capitals, full under owners equity 7. What is inventory turnover a. COGS b. Average inventory (average of beginning and ending inventory)(add beginning and ending and divide by 2) 8. Average Selling Period a. Number of days in a business year divided by inventory turnover
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Accounting Test 2 - Accounting Test 2 1. Which of the...

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