comp_examf - COMPREHENSIVE EXAMINATION F PART 6 (Chapters...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
COMPREHENSIVE EXAMINATION F PART 6 (Chapters 22-24) Approximate Problem Topic Time F-I Multiple Choice Questions. 25 min. F-II Statement of Cash Flows. 25 min. F-III Accounting Changes, Error Corrections, and Prior Period Adjustments. 30 min. F-IV *Analysis of Financial Statements. 25 min. F-V Segment Reporting. 15 min. 120 min. *This topic is dealt with in an Appendix to the chapter.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Test Bank for Intermediate Accounting, Eleventh Edition Problem F-I — Multiple Choice Questions. 1. Which of the following transactions would be considered a financing activity in preparing a statement of cash flows? a. Amortizing a discount on bonds payable b. Recording net income from operations c. Selling common stock d. Purchasing inventory 2. The net income for the year ended December 31, 2004, for Ryan Company was $720,000. Additional information is as follows: Capital expenditures $1,200,000 Depreciation on plant assets 450,000 Cash dividends paid on common stock 180,000 Increase in noncurrent deferred tax liability 45,000 Amortization of patents 21,000 Based on the information given above, what should be the net cash provided by operating activities in the statement of cash flows for the year ended December 31, 2004? a. $1,056,000. b. $1,146,000. c. $1,191,000. d. $1,236,000. 3. Information concerning the debt of Dickey Company is as follows: Short-term borrowings: Balance at December 31, 2004 $525,000 Proceeds from borrowings in 2005 325,000 Payments made in 2005 (450,000 ) Balance at December 31, 2005 $400,000 Current portion of long-term debt: Balance at December 31, 2004 $1,625,000 Transfers from caption "Long-Term Debt" 500,000 Payments made in 2005 (1,225,000 ) Balance at December 31, 2005 $ 900,000 Long-term debt: Balance at December 31, 2004 $9,000,000 Proceeds from borrowings in 2005 2,250,000 Transfers to caption "Current Portion of Long-Term Debt" (500,000) Payments made in 2005 (1,500,000 ) Balance at December 31, 2005 $9,250,000 In preparing a statement of cash flows for the year ended December 31, 2005, for Dickey Company, cash flows from financing activities would reflect Inflow Outflow a. $2,000,000 $2,000,000 b. $2,250,000 $2,250,000 c. $2,650,000 $2,575,000 d. $2,575,000 $3,175,000 F - 2
Background image of page 2
Comprehensive Examination F Problem F-I — (cont.) 4. In considering interim financial reporting, how did the Accounting Principles Board conclude that such reporting should be viewed? a. As a "special" type of reporting that need not follow generally accepted accounting principles. b. As useful only if activity is evenly spread throughout the year so that estimates are unnecessary. c. As reporting for a basic accounting period. d. As reporting for an integral part of an annual period. 5.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 13

comp_examf - COMPREHENSIVE EXAMINATION F PART 6 (Chapters...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online