Accounting capstone 85 Quiz Review Questions With Answers
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Accounting capstone
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Accounting Capstone
1. Income Statement
2. Statement of Retained Earnings
3. Balance Sheet
4. Statement of cash flows - ️️What are the four financial statements in order?
Net income from the income statement goes on statement of retained earnings - ️️What is the relationship of the income statement and st...
4. Statement of cash flows - ✔ ✔ What are the four financial statements in order?
Net income from the income statement goes on statement of retained earnings - ✔ ✔ What is the
relationship of the income statement and statement of retained earnings?
The retained earnings goes on the balance sheet - ✔ ✔ What is the relationship between statement
of retained earnings and the balance sheet?
Operating performance - ✔ ✔ What is the income statement?
Assets=liabilities+equity-retained earnings - ✔ ✔ What is the balance sheet?
Also known as retained earnings
Stock activities, dividends - ✔ ✔ Statement of changes in stock holders equity
It does not tell you where you spent your cash - ✔ ✔ Why are income statements and balance
sheets not enough?
Accrual basis and cash basis are not related - ✔ ✔ What does a statement of cash flow tell us?
They are 90 days or less and short-term, highly liquid - ✔ ✔ Cash equivalents
No - ✔ ✔ Does a statement of cash flow report the cash payments to purchase cash equivalents
No they are combined into one - ✔ ✔ Does it report the cash receipts from selling cash equivalents?
1. Operating
2. Investing
3. Financing - ✔ ✔ The three statements of cash flows are:
The cash flows affect net income, current assets, current liability - ✔ ✔ Operating activities
, Receipts from customers
Cash dividends received
Interest from borrowers - ✔ ✔ Operating activities inflows
Salaries and wages
Payments to suppliers
Taxes and fines
Interest paid to lenders - ✔ ✔ Operating activities outflows
Outflows- depreciation, amortization, depletion and bad debt expense
Inflows- gain/loss on sale of investments - ✔ ✔ Non cash operating items
Debit Truck for $50,000 and credit cash
Debit depreciation expense for $5,000 and credit AD
Yr 2 sold for 42,000
Cash 42,000
Ad. 10000
Credit truck for 50,000 and gain on sale for 2,000
Dr bad debt expense and credit allowance - ✔ ✔ Sold truck for $50,000
Affects no current assets - ✔ ✔ Investing activities
Selling long-term productive assets
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