AC202Exam2SB

AC202Exam2SB - AC 202 Principles of Accounting Park...

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AC 202 Principles of Accounting Name________________________ 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. B. Cash basis of accounting. C. Classified statement of cash flows. D. Indirect method of reporting net cash provided or used by operating activities. E. Net method of reporting cash flows from operating activities. 1
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The direct method of reporting operating cash flows: A. Is recommended but not required by the FASB. B. Must be used by all companies. C. Is used by most companies. D. Is considered supplementary disclosure. E. Is not recommended by the FASB, but is commonly used. 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: A. $ (3,000).
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AC202Exam2SB - AC 202 Principles of Accounting Park...

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