Chapter 5 Quiz - Submitted by Tran, Khoa (KHOTRAN1) on...

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Unformatted text preview: Submitted by Tran, Khoa (KHOTRAN1) on 2/2/2012 6:52:22 PM Points Awarded 10.00 Points Missed 0.00 Percentage 100% 1. Which of the following is a limitation of the balance sheet? A) Many items that are of financial value are omitted. B) Judgments and estimates are used. C) Current fair value is not reported. D) All of these Points Earned: 1.0/1.0 Correct Answer(s): D 2. Which item below is not a current liability? A) Unearned revenue B) Stock dividends distributable C) The currently maturing portion of long-term debt D) Trade accounts payable Points Earned: 1.0/1.0 Correct Answer(s): B 3. The financial statement which summarizes operating, investing, and financing activities of an entity for a period of time is the A) retained earnings statement. B) income statement. C) statement of cash flows. D) statement of financial position. Points Earned: 1.0/1.0 Correct Answer(s): C 4. In preparing a statement of cash flows, sale of treasury stock at an amount greater than cost would be...
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This note was uploaded on 02/15/2012 for the course ACCT 2402 taught by Professor Lewis during the Spring '10 term at Lone Star College System.

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Chapter 5 Quiz - Submitted by Tran, Khoa (KHOTRAN1) on...

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