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ACCN 3010 ZACHRY TULANE: TEST 1 (QUESTIONS & ANSWERS) GRADED A+
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ACCN 3010 ZACHRY TULANE: TEST 1 (QUESTIONS & ANSWERS) GRADED A+
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ACCN 3010 ZACHRYTULANE: TEST 1
(QUESTIONS &
ANSWERS) GRADED
A+
ACCN 3010
OCTOBER 29, 2024
EVATEE
, ACCN 3010 ZACHRY TULANE: TEST 1
(QUESTIONS & ANSWERS) GRADED A+
Current assets include cash and all other assets expected to become cash or be
consumed Answer - within one year or one operating cycle, whichever is
longer
Rent collected in advance is Answer - an asset account in the balance sheet
New Oaks Winery requires two months to make wine, two years to age it, one
month to bottle it, two months to sell it, and one month to collect the
receivable. Its operating cycle is Answer - 30 months
In comparing the direct method and indirect method of preparing the
statement of cash flows Answer - all activities are presented differently
Cash flows from investing activities do not include Answer - proceeds from the
sale of marketable securities
In a statement of cash flows prepared under International Financial Reporting
Standards, each of the following items is typically classified as a financing cash
flow except Answer - dividends received
Within relevant range of activity, variable costs Answer - vary in total
remain constant per unit
Automobile workers are considered to be Answer - direct labor
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