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A Grade Multiple Choice Questions & Answers , A Grade Answers

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A Grade Multiple Choice Questions & Answers , A Grade Answers 1. Question: Which information might be specifically included in the notes to the financial statements portion of the annual report? 2. Question: Consider the following scenario: Which of the following would the company delcar on an...

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  • January 23, 2022
  • 11
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers
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ACCT – 1004S WEEK 6 EXAM


QUESTION 1
1. Which information might be specifically included in the notes to the financial
statements portion of the annual report?
net income

accounting
methos

reporting
period

balance sheet

QUESTION 2
1. Consider the following scenario:
1. During the fourth quarter of the year, Carl's Carpet Cleaning received
$4,000 from customers in exchange for providing carpet cleaning services.
2. During the same time, carpet cleaning supplies were $1,000, and wages were
$2,000.
3. The business has $5,000 in total assets.
Which of the following would the company delcar on an income statement?
$9,000 net
income

$4,000
revenue

$1,000 net loss

$2,000
expenses

QUESTION 3
1. You are the accountant for Pacific Paper and preparing the firm’s statement of cash
flows. Which of the following would you categorize as cash flows from investing
activities?

$10,000 paid in dividends to shareholders

$55,000 paid for monthly employee wages

$25,000 received from a bank loan

$98,000 received for selling processing
equipment

QUESTION 4
1. Which number is transferred from the income statement to the statement of retained
earnings?

gross profit

cost of goods

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