Devry ACCT 312 Week 7 Quiz Latest

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Devry ACCT 312 Week 7 Quiz Latest

Question 1. Which is reported as an operating activity in the statement of cash flows?

The payment of dividends

The sale of office equipment

The payment of interest on long-term notes

The issuance of a stock dividend

Question 2.Using the direct method, cash received from customers is calculated as sales

plus an increase in allowance for uncollectible accounts.

minus an increase in allowance for uncollectible accounts.

plus an increase in accounts receivable.

plus a decrease in accounts receivable.

Question 3.Which is not reported as an adjustment to net income when using the indirect method of computing net cash flows from operating activities?

Cash dividends paid

A change in accounts receivable

Depreciation

A change in a prepaid expense

Question 4. A loss on the sale of machinery should be reported in the statement of cash flows as

an adjustment to net income under the indirect method.

an operating activity under the direct method.

an investing activity cash outflow.

a noncash investing activity.

Question 5. Each year, our company prepares a reconciliation schedule that compares its income statement with its statement of cash flows on both the direct and indirect method bases. In its 2013 income statement, our company reported a $20,000 loss on the sale of equipment. In its reconciliation schedule, our company should

report a $20,000 cash outflow for the direct method.

show a $20,000 positive adjustment to net income under the indirect method.

show a $20,000 negative adjustment to net income under the indirect method.

None of the above

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Devry ACCT 312 Week 7 Quiz Latest

Best Devry ACCT 312 Week 7 Quiz Latest

Devry ACCT 312 Week 7 Quiz Latest