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True aacsb analytic aicpa bb industry learning

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TRUEAACSB: AnalyticAICPA BB: IndustryLearning Objective: P183. The statement of cash flows shows the net effect of revenues and expensesfor a reporting period.FALSEAACSB: AnalyticAICPA BB: IndustryLearning Objective: P184. The income statement shows the financial position of a business on aspecific date.FALSEAACSB: AnalyticAICPA BB: IndustryLearning Objective: P185. The first section of the income statement reports cash from operations.FALSE
AACSB: AnalyticAICPA BB: IndustryLearning Objective: P186. The balance sheet is based on the accounting equation.TRUEAACSB: AnalyticAICPA BB: IndustryDifficulty: MediumLearning Objective: P187. Owner's contributions and withdrawals are reported on the income statement.FALSEAACSB: AnalyticAICPA BB: IndustryDifficulty: MediumLearning Objective: P188. Investing activities involve the buying and selling of assets such as landand equipment that are held for long-term use in the business.TRUEAACSB: AnalyticAICPA BB: IndustryDifficulty: MediumLearning Objective: P189. Operating activities include long-term borrowing and repaying cash fromlenders, and cash investments or withdrawals by the owner.FALSEAACSB: AnalyticAICPA BB: IndustryDifficulty: MediumLearning Objective: P190. The purchase of supplies appears on the statement of cash flows as aninvesting activity because it involves the purchase of assets.FALSEAACSB: AnalyticAICPA BB: IndustryDifficulty: MediumLearning Objective: P191. The income statement reports on operating activities at a point in time.FALSE
AACSB: AnalyticAICPA BB: IndustryDifficulty: HardLearning Objective: P192. The statement of cash flows reports on cash flows separated into operating,investing, and financing activities over a period of time.TRUEAACSB: AnalyticAICPA BB: IndustryDifficulty: HardLearning Objective: P193. Chuck Taylor invested $175,000 cash in FastForward. This amount would bereported in the statement of cash flows under financing activities.TRUEAACSB: AnalyticAICPA BB: IndustryDifficulty: HardLearning Objective: P194.Chuck Taylor withdrew $6,000 in cash from FastForward. This amount shouldbe included as an expense on the income statement.FALSEAACSB: AnalyticAICPA BB: IndustryDifficulty: HardLearning Objective: P1Multiple Choice Questions95. Accounting is an information and measurement system that:A. Identifies business activities.B. Records business activities.C. Communicates business activities.D. Helps people make better decisions.E. All of these.AACSB: AnalyticAICPA BB: IndustryAICPA FN: Decision MakingDifficulty: Medium96. TechnologyA. Has replaced accounting.
B. Has not changed the work that accountants do.C. Has closely linked accounting with consulting, planning, and other financialservices.D. In accounting has replaced the need for decision makers.E. In accounting is only available to large corporations.

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Term
Summer
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Tags
Test, The Land, Dividend

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