Explore the intricacies of cash flow statements with this trivia quiz! Dive into questions about activities reported in cash flow statements, different types of financial activities, and practical scenarios to calculate net cash provided by operating activities. Perfect for enhancing your financial literacy and accounting skills.
Financing activities
Operating activities
Noncash investing and financing activities
Investing activities
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Financing activities
Marketing activities
Operating activities
Investing activities
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$194,000
$158,000
$234,000
$134,000
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Marketing activities
Income activities
Investing activities
Financing activities
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Exchanges are not reported on the statement of cash flow
Financing activities
Noncash investing and financing activities
Investing activities
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$84,000
$76,000
$79,000
$89,000
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$20,000
$10,000
$(15,000)
$ (10,000)
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$3,000
$ (13,000)
$ (21,000)
$1,000
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$40,000
$55,000
$25,000
Cannot be determined for the data given
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$690,000
$760,000
$750,000
$710,000
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$150,000
$160,000
$148,000
$340,000
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$410,000
$400,000
$422,000
$412,000
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$633,333
$1,140,000
$1,380,000
None of the above
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Depreciation is a process of allocating the cost of a plant asset over its useful life.
Depreciation is based on the matching principle because it matches the cost of the asset with the revenue generated over the asset's useful life.
The cost of a plant asset minus accumulated depreciation equals the asset's book value.
Depreciation creates a fund to replace the asset at the end of its useful life.
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$4,000
$2,000
$4,500
$2,250
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$42,000
$36,000
$32,000
$37,000
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$9,000
$6,400
$16,200
$7,200
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($3,500)
$7,500
$2,500
$0
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$12,800
$15,360
$19,200
$16,000
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The addition of a building wing
A tune-up of a company vehicle
A complete overhaul of an air-conditioner system
Replacement of an old motor with a new one in a piece of equipment
The cost of installing a piece of equipment
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Land Improvements
Goodwill
Intangibles
Natural Resources
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MACRS depreciation follows a specific pattern of depreciation.
Accelerated depreciation generates higher depreciation expense immediately, and therefore lowers tax payments in the early years of the assets life.
Accelerated depreciation is easier to calculate because salvage value is ignored.
Accelerated depreciation generates a greater amount of depreciation over the life of the asset than does straight-line depreciation.
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$33,750
$135,000
$27,000
30,000
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A copyright
A patent
A trademark
Goodwill
All of the above are intangible assets
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Product warranties
Vacation pay
Income taxes
Allowance for bad debts
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Historical cost
Consistency
Full disclosure
Materiality
Matching
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Debit Warranty Expense and credit Estimated Warranty Payable, $3,800.
Debit Warranty Expense and credit Estimated Warranty Payable, $4,500.
Debit Warranty Expense and credit cash, $4,500.
No entry is needed at March 31.
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$1,275
$375
$525
$900
None of these
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If the accounts can be reasonably estimated
If the amount is due in cash within the year
If the related future event will probably occur
If the amount is due in cash within the year and if teh related future event will probably occur
If the accounts can be reasonable estimated and if the related future event will probably occur
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Mortgage bond
Debenture bond
Registered bond
Serial bond
Term bond
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Is expensed at the bond's maturity
Is a miscellaneous revenue account
Has a normal credit balance
Is a contra account to Bond Payable
Is an expense account
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A reduction in interest expense over the life of the bonds
A liability in the year the bonds are sold
Additional interest expense over the life of the bonds
A reduction in interest expense the year of the bonds maturity
Additional interest expense the year the bonds are sold
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Term bond
Secured bond
Serial bond
Zero coupon
Callable bond
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Bonds Payable + Accrued Interest
Bonds Payable + Discount on Bonds Payable
Bonds Payable - Premium on Bonds Payable
Bonds Payable - Discount on Bonds Payable
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Credit to Discount on Bonds Payable
Credit to Cash
Credit to Interest Expense
Debit to Interest Payable
Debit to Cash
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$20,496
$38,500
$19,250
$22,000
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$0
$2,562
$1,246
$1,504
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$22,000
$38,500
$40,993
$44,000
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$514,950
$513,654
$512,408
$516,167
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$513,654
$512,408
$514,950
$516,167
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Credit to Common Stock for $500,000
Debit to Common Stock for $900,000
Credit to Paid-in Capital in Excess of Par for $900,000
Credit to Common Stock for $500,000 and credit to Paid-in Capital in Excess of Par for $900,000
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111,000
660,000
120,000
Some other amount
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$1,347,500
$1,022,500
$1,458,200
$1,360,000
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$1,035,000
$1,347,500
$1,458,500
$1,360,000
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$20 gain per share
$15 gain per share
$35 gain per share
$0
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NO, YES
YES, NO
NO, NO
YES, YES
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Decreases total assets and increases total stockholders' equity
Decreases total assets and decreases total stockholders' equity
Has no effect on total assets, total liabilities, or total stockholders' equity
Increases one asset and decreases another asset
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It never becomes a liability because it is paid
On date of payment
On date of record
On date of decleration
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Quiz Review Timeline (Updated): Mar 21, 2023 +
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