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A purchase of land in exchange for a long-term note payable is reported in the investing section of the statement of cash flows. True False 17.

13. A purchase of land in exchange for a long-term note payable is reported in the investing section of the statement of cash flows.
True False
17. Accounting standards require that the statement of cash flows be included in a complete set of financial statements.
True False
30. Cash paid out for merchandise is considered to be an operating activity.
True False
41. When preparing the operating section of the statement of cash flows using the indirect method, a decrease in accounts receivable is subtracted from net income.
True False
56. The statement of cash flows is:
A. Another name for the statement of financial position
B. A financial statement that presents information about changes in equity during a period
C. A financial statement that reports the cash inflows and outflows for an accounting period and that classifies those cash flows as operating activities, investing activities or financing activities
D. A financial statement that lists the types and amounts of assets, liabilities and equity of a business on a specific date
E. A financial statement that lists the types and amounts of the revenues and expenses of a business for an accounting period
58. The appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is:
A. Operating activities
B. Financing activities
C. Investing activities
D. Schedule of noncash investing or financing activity
E. None of these as this is not reported on the statement of cash flows

59. The appropriate section in the statement of cash flows for reporting the cash payment of wages is:
A. Operating activities
B. Financing activities
C. Investing activities
D. Schedule of noncash investing or financing activity
E. None of these as this is not reported on the statement of cash flows
60. The appropriate section in the statement of cash flows for reporting the issuance of common stock for cash is:
A. Operating activities
B. Financing activities
C. Investing activities
D. Schedule of noncash investing or financing activity
E. None of these as this is not reported on the statement of cash flows

66. Cash flows from interest received are reported in the statement of cash flows as part of:
A. Operating activities
B. Financing activities
C. Investing activities
D. Noncash activities
E. None of these as this is not reported in the statement of cash flows
79. 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
JH
Oct 23, 2011

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Accounting-8193956.doc

13. A purchase of land in exchange for a long-term note payable is reported in the investing section of the
statement of cash flows.
True False
17. Accounting standards require that the statement...

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