Accounting

Question: At the end of the first year of operations, the total cost of the trading securities portfolio is $120,000. Total fair value is $115,000. The financial statement should show :
A
a reduction of an asset of $5,000 and a realized loss of $5000.

B
a reduction of an asset of $5000 and an unrealized loss of $5000 in the stockholder equity section.

C
a reduction of an asset of $5000 in the current assets section and a unrealized loss of $5000 in "other expense and losses".

D
a reduction of an asset of $5000 in the current assets section and a realized loss of $5000 in "other expenses and losses".

Note: Not available
1. Report
Question: Which of the following statements is not true? Consolidated financial statements are useful to:
A
determine the profitability of specific subsidiaries.

B
determine the total profitability of enterprises under common control.

C
determine the breadth of a parent company's operations.

D
determine the full extend of total obligations of enterprise under common control.

Note: Not available
1. Report
Question: In the balance sheet, Unrealized Loss - Equity is reported as a:
A
contra asset account.

B
contra stockholders' equity account.

C
loss in the income statement.

D
loss in the retained earnings statement.

Note: Not available
1. Report
Question: Short term debit investments must be readily marketable and be expected to be sold within:
A
3 month from the date of purchase.

B
the next year or operation cycle, whichever is shorter.

C
the next year or operating cycle, whichever is longer.

D
the operating cycle.

Note: Not available
1. Report
Question: Which of the following is incorrect about the statement of cash flows?
A
It is a fourth basic financial statement.

B
It provides information about cash receipts and cash payments of an entity during a period.

C
It reconciles the ending cash account balance to the balance per the bank statement.

D
It provides information about the operating, investing and financing activities of the business.

Note: Not available
1. Report
Question: The statement of cash flows classifies cash receipts and cash payments by the following activities:
A
operating and non-operating

B
investing, financing and operating.

C
financing, operating and non-operating.

D
investing, financing and non-operating.

Note: Not available
1. Report
Question: An example of a cash flow from an operating activity is:
A
Payment of cash to lenders for interest.

B
receipt of cash from the sale of capital stock.

C
payment of cash dividends to the company's stock holders.

D
None

Note: Not available
1. Report
Question: An example of cash flow form an investing activity is:
A
receipt of cash from the issuance of bonds payable.

B
payment of cash to repurchase outstanding capital stock.

C
receipt of cash from the sales of equipment.

D
payment of cash to suppliers for inventory.

Note: Not available
1. Report
Question: Cash dividends paid to stockholders are classified on the
A
operating activities.

B
investing activities.

C
operating and investing activities.

D
financial activities.

Note: Not available
1. Report
Question: An example of a cash flow from a financing activities is:
A
receipt of cash from sale of land.

B
issuance of debt for cash.

C
purchase of equipment for cash.

D
None

Note: Not available
1. Report

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Question: At the end of the first year of operations, the total cost of the trading securities portfolio is $120,000. Total fair value is $115,000. The financial statement should show :

Question: Which of the following statements is not true? Consolidated financial statements are useful to:

Question: In the balance sheet, Unrealized Loss - Equity is reported as a:

Question: Short term debit investments must be readily marketable and be expected to be sold within:

Question: Which of the following is incorrect about the statement of cash flows?

Question: The statement of cash flows classifies cash receipts and cash payments by the following activities:

Question: An example of a cash flow from an operating activity is:

Question: An example of cash flow form an investing activity is:

Question: Cash dividends paid to stockholders are classified on the

Question: An example of a cash flow from a financing activities is: