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Questions and Answers
Which financial statement reports the basic accounting equation?
Which financial statement reports the basic accounting equation?
- Balance Sheet (correct)
- Statement of Changes in Stockholders' Equity
- Cash Flow Statement
- Income Statement
What type of cash flow activity is borrowing cash from a bank?
What type of cash flow activity is borrowing cash from a bank?
- Operating Activity (OA) - Outflow (-)
- Operating Activity (OA) - Inflow (+)
- Financing Activity (FA) - Inflow (+) (correct)
- Investing Activity (IA) - Outflow (-)
Which account class does 'Accounts Payable' belong to and on which financial statement would it be reported?
Which account class does 'Accounts Payable' belong to and on which financial statement would it be reported?
- Asset - Income Statement
- Stockholders' Equity - Statement of Changes in Stockholders' Equity
- Revenue - Income Statement
- Liability - Balance Sheet (correct)
What is the impact on the statement of cash flows when paying employees cash?
What is the impact on the statement of cash flows when paying employees cash?
Which financial statement reports the net income (loss)?
Which financial statement reports the net income (loss)?
What is the impact of ABC Corp signing an agreement to purchase supplies next year on the accounting equation?
What is the impact of ABC Corp signing an agreement to purchase supplies next year on the accounting equation?
What is the amount of change in cash for the period according to Dolly Corp's statement of cash flows?
What is the amount of change in cash for the period according to Dolly Corp's statement of cash flows?
What was the amount of total assets at the end of the period for ABC Corp?
What was the amount of total assets at the end of the period for ABC Corp?
At the end of the prior year, ABC Corp’s assets totaled $500,000 and its liabilities totaled $350,000. During the year assets increased by $40,000 and its total liabilities increased by $30,000. What was stockholders’ equity at the end of the current year?
At the end of the prior year, ABC Corp’s assets totaled $500,000 and its liabilities totaled $350,000. During the year assets increased by $40,000 and its total liabilities increased by $30,000. What was stockholders’ equity at the end of the current year?
What is the amount of Retained Earnings at the end of the year for Dolly Corp?
What is the amount of Retained Earnings at the end of the year for Dolly Corp?
