accountinh test 2 - 1 On a balance sheet assets are listed...

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1. On a balance sheet, assets are listed in the order of a. dollar amount (largest first). b. date of acquisition (earliest first). c. ease of conversion to cash. d. importance to the operation of the business. 2. On the statement of cash flows, a company would report the purchase of machinery as cash used in a. operating activities. b. financing activities. c. purchasing activities. d. investing activities . 3. The two categories of stockholders' equity usually found on the balance sheet of a corporation are 4. Most businesses earn revenues 5. What are the categories of cash flows that appear on a statement of cash flows? 6. The amount of rent expense reported on the income statement is a. the amount of cash paid for rent in the current period. b. the amount of cash paid for rent in the current period less any unpaid rent at the end of the period. c. the amount of rent used up (incurred) in the current period to help generate revenue. d. an increase in net income. 7. If you wanted to know what accounting rules a company follows related to its inventory, where would you look?
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