RandallHallAC202Exam2

RandallHallAC202Exam2 - AC 202 Principles of Accounting...

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AC 202 Principles of Accounting Name Randall Hall Park University Exam 2A-Chapters 16-18 Multiple Choice Questions ( 2 points each ) Select the ONE, BEST Answer 1. The reporting of net cash provided or used by operating activities that lists the major items of operating cash receipts, such as receipts from customers, and subtracts the major items of operating cash disbursements, such as cash paid for merchandise, is referred to as the: A. Direct method of reporting net cash provided or used by operating activities. 2. The direct method of reporting operating cash flows: A. Is recommended but not required by the FASB. 3. A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is: B. $(60,000). 1
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4. The accountant for Robinson Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
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This note was uploaded on 07/10/2011 for the course AC 202 taught by Professor Nancyeverett during the Spring '09 term at Park.

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RandallHallAC202Exam2 - AC 202 Principles of Accounting...

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