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COMM 217 Final UPDATED Actual Exam Questions and CORRECT Answers
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COMM 217 Final UPDATED Actual Exam Questions and CORRECT Answers Statement of financial position (balance sheet) - CORRECT ANSWER- 1. Assets 2. Liabilities 3. Shareholder's Equity Statement of Earnings (Income Statement) - CORRECT ANSWER- 1. Revenues 2. Expense

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  • September 24, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • comm 217 final
  • comm 217

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  • COMM 217
  • COMM 217

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COMM 217 Final UPDATED Actual
Exam Questions and CORRECT Answers
Statement of financial position (balance sheet) - CORRECT ANSWER- ✔✔1. Assets
2. Liabilities
3. Shareholder's Equity


Statement of Earnings (Income Statement) - CORRECT ANSWER- ✔✔1. Revenues
2. Expenses


Statements of changes in equity - CORRECT ANSWER- ✔✔1. Share issuances and/or
buybacks
2. Net Earnings
3. Dividends


Statement of Cash Flows - CORRECT ANSWER- ✔✔1. Inflow of cash
2. Outflow of cash


End Contributed Capital - CORRECT ANSWER- ✔✔Beg Contributed Capital + Issuance of
shares = End Contributed Capital


CFO - CORRECT ANSWER- ✔✔Cash flow from Operating activities



CFI - CORRECT ANSWER- ✔✔Cash flow from investing activities



CFF - CORRECT ANSWER- ✔✔Cash flow from financing activities



End Cash Balance - CORRECT ANSWER- ✔✔(CFO +/- ) + (CFI +/-) + (CFF +/-) = change
in cash


Change in cash + Beg Cash balance = End Cash Balance

, Ethical Principles - CORRECT ANSWER- ✔✔1. Integrity
2. Objectivity
3. Professional competence and due care
4. Confidentiality
5. Professional behavior


Current Ratio - CORRECT ANSWER- ✔✔current assets divided by current liabilities



Format for Statement of Earnings Part 1 - CORRECT ANSWER- ✔✔Net Sales
- Cost of sales
= Gross Profit


Format for Statement of Earnings Part 2 - CORRECT ANSWER- ✔✔Gross Profit
-Operating Expenses
= Earnings from Operations


Format for Statement of Earnings Part 3 - CORRECT ANSWER- ✔✔Earnings from
Operations
+/- Non-Operating revenues/expenses
= Earnings before income taxes


Format for Statement of Earnings Part 4 - CORRECT ANSWER- ✔✔Earnings before
income taxes
- Income tax
= Earnings from continuing operations


Format for Statement of Earnings Part 5 - CORRECT ANSWER- ✔✔Earnings from
continuing operations
+/- Earnings/ Loss from discontinued operartions
= Net Earnings

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