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acct 1004s FINANCIAL ACCOUNTING STATEMENTS 100%

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reporting period balance sheet $9,000 net income $4,000 revenue $1,000 net loss $2,000 expenses $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...

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  • May 25, 2022
  • 11
  • 2020/2021
  • Exam (elaborations)
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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

, ACCT – 1004S WEEK 6 EXAM


sold

total expenses

net income

QUESTION 5
1. You have completed the statement of retained earnings. Which number is transferred
to the balance sheet?

beginning
balance

dividends

net income

ending balance

QUESTION 6
1. On an income statement, which section indicates the money a firm receives over a
period of time for selling its products?
net
income

revenues

assets

expenses

QUESTION 7
1. A group of investors are considering investing in ATX Enterprises. The investors can
learn more about ATX's revenues and expenses over a specific period by reviewing
the firm's .
balance sheet

income
statement

QUESTION 8
1. Which opinion from an independent auditor’s report indicates that no opinion is made
due to missing information?
unqualifi
ed

disclaime
r

qualified

adverse

QUESTION 9

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