Problem Set 3 SOCF
1. Consider the following three cash flows:
Cash paid to repurchase shares of common stock
Cash paid for wages
Cash paid for equipment
Which ONE of the following sequences represents the correct categorizati
1. Fill in the blank with the best answer from the options provided below. Under
_ an investing company recognized income based on their share of the
investees net income and does not recognize income when the inve
1. Fill in the blank. During periods when costs are rising (inflation) and inventory
quantities are stable, ending inventory will be _ under FIFO than under
2. Choose the best explanation for
Problem Set Long-term Assets
1. Which of the following costs are included as part of the acquisition costs of a
piece of equipment?
All of the above
Problem Set 4 Reserves
1. (True/False) The allowance for doubtful accounts is the estimate of the amount
of new bad debt created through credit sales made during the current year.
2. Income statements report n
Problem Set 2 The Income Statement
1. (True/False) Gains on an income statement refer to money made through the
performance of normal business operations.
2. Which of the following activities is not applied to