Accounting Formulas and Cash Flow Activities Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Operating Activity (OA) - Outflow (-)</p> Signup and view all the answers

    Which financial statement reports the net income (loss)?

    <p>Income Statement</p> Signup and view all the answers

    What is the impact of ABC Corp signing an agreement to purchase supplies next year on the accounting equation?

    <p>Liabilities and stockholders' equity increase</p> Signup and view all the answers

    What is the amount of change in cash for the period according to Dolly Corp's statement of cash flows?

    <p>$25,000</p> Signup and view all the answers

    What was the amount of total assets at the end of the period for ABC Corp?

    <p>$72,000</p> Signup and view all the answers

    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?

    <p>$210,000</p> Signup and view all the answers

    What is the amount of Retained Earnings at the end of the year for Dolly Corp?

    <p>$126,000</p> Signup and view all the answers

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