Which of the following is true regarding the statement of cash flows and IFRS? Cash and...
Which of the following is true regarding the statement of cash flows and IFRS?
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Cash and cash equivalents are defined differently under IFRS than under GAAP. |
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Under IFRS most companies choose to use the direct method of reporting cash flows from operating activities. |
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Companies preparing a complete set of financial statements under IFRS may exclude the statement of cash flows if the cash flow activity is reported in the notes to the financial statements. |
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Under IFRS noncash investing and financing activities are excluded from the statement of cash flows and instead are presented in the notes to the financial statements. |
Acquiring land and a building by issuing common stock would be reported as:
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a noncash investing and financing activity. |
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a financing activity. |
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both an investing activity and a financing activity. |
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an investing activity. |
Homework Answers
Q.Which of the following is true regarding the statement of cash flows and IFRS?
Ans. The correct option is the 4th Option: Under IFRS noncash investing and financing activities are excluded from the statement of cash flows and instead are presented in the notes to the financial statements.
Q. Acquiring land and a building by issuing common stock would be reported as:
Ans. The correct option is the 1st Option: a noncash investing and financing activity.
(It is a non cash activity as it doesn't involve any cash as common stock is issued to acquire land and building. So there's not any cash transactions)
Add Answer to:
Which of the following is true regarding the statement of cash flows and IFRS? Cash and...
QUESTION 7 The appropriate section in the statement of cash flows for reporting the net income...
QUESTION 7 The appropriate section in the statement of cash flows for reporting the net income is: o Operating activities, O Financing activities. O Investing activities. O Schedule of noncash investing or financing activity O This is not reported on the statement of cash flows. QUESTION 8 The appropriate section in the statement of cash flows for reporting the issuance of common stock for cash is Operating activities. O Financing activities. O Investing activities. Schedule of noncash investing or financing...
The appropriate section in the statement of cash flows for reporting the net income is: The...
The
appropriate section in the statement of cash flows for reporting
the net income is:
The appropriate section in the statement of cash flows for reporting the net income is: Operating activities. Financing activities, Investing activities. Schedule of noncash investing or financing activity. This is not reported on the statement of cash flows.
Regarding the use of a spreadsheet for the preparation of the statement of cash flows, which...
Regarding the use of a spreadsheet for the preparation of the statement of cash flows, which of the following statements is incorrect? O A. The spreadsheet cannot be used for the direct method. OB. When companies face complex situations, a spreadsheet can help in preparing the statement of cash flows. OC. Accountants can prepare the statement of cash flows directly from the lower part of the spreadsheet OD. The spreadsheet starts with the beginning balance sheet and concludes with the...
The appropriate section in the statement of cash flows for reporting the depreciation is The appropriate...
The
appropriate section in the statement of cash flows for reporting
the depreciation is
The appropriate section in the statement of cash flows for reporting the depreciation is O Operating activities. Financing activities. OInvesting activities. O Schedule of noncash investing or financing activity This is not reported on the statement of cash flows.
The statement of cash flows for the year ended December 31, 2021, for Whiteside Incorporated is...
The statement of cash flows for the year ended December 31, 2021, for Whiteside Incorporated is presented below. $ 214,300 WHITESIDE INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Cash received from customers $ 500,000 Interest on notes receivable 12,800 Dividends received 5,300 Purchase of inventory (196,000) Payment of operating expenses (91,000) Payment of interest on debt (16,800) Net cash flows from operating activities Cash flows from investing activities: Sale of...
The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is...
The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below. BRONCO METALS Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Collections from customers $ 408,000 Interest on notes receivable 5,100 Dividends received from investments 3,500 Purchase of inventory (197,000) Payment of operating expenses (70,000) Payment of interest on notes payable (9,100) Net cash flows from operating activities Cash flows from investing activities: Collection of...
Which of the following represents an inflow of cash and therefore would be reported on the...
Which of the following represents an inflow of cash and therefore would be reported on the statement of cash flows? Select one: a. acquiring of treasury stock b. issuing long-term debt c. declaring stock dividends d. retiring of bond payable A five-year bond was issued at par for $640,000 cash. This transaction should be shown on a statement of cash flows under Select one: a. noncash activities b. operating activities c. financing activities d. investing activities Which of the following...
The appropriate section in the statement of cash flows for reporting the payment of long-term debt...
The appropriate section in the statement of cash flows for reporting the payment of long-term debt is O Operating activities. O Financing activities O Investing activities. O Schedule of noncash investing or financing activity. O This is not reported on the statement of cash flows.
whats right answer? The appropriate section in the statement of cash flows for reporting the purchase...
whats right answer?
The appropriate section in the statement of cash flows for reporting the purchase of a new building is O Operating activities. O Financing activities. Investing activities. O Schedule of noncash investing or financing activity. O This is not reported on the statement of cash flows.
Wages paid in cash are shown in which section of the statement of cash flows? Multiple...
Wages paid in cash are shown in which section of the statement of cash flows? Multiple Choice O Investing activities. Schedule of noncash investing or financing activity. O Financing activities. This is not reported on the statement of cash flows. Operating activities.
QUESTION 7 The appropriate section in the statement of cash flows for reporting the net income is: o Operating activities, O Financing activities. O Investing activities. O Schedule of noncash investing or financing activity O This is not reported on the statement of cash flows. QUESTION 8 The appropriate section in the statement of cash flows for reporting the issuance of common stock for cash is Operating activities. O Financing activities. O Investing activities. Schedule of noncash investing or financing...
The
appropriate section in the statement of cash flows for reporting
the net income is:
The appropriate section in the statement of cash flows for reporting the net income is: Operating activities. Financing activities, Investing activities. Schedule of noncash investing or financing activity. This is not reported on the statement of cash flows.
Regarding the use of a spreadsheet for the preparation of the statement of cash flows, which of the following statements is incorrect? O A. The spreadsheet cannot be used for the direct method. OB. When companies face complex situations, a spreadsheet can help in preparing the statement of cash flows. OC. Accountants can prepare the statement of cash flows directly from the lower part of the spreadsheet OD. The spreadsheet starts with the beginning balance sheet and concludes with the...
The
appropriate section in the statement of cash flows for reporting
the depreciation is
The appropriate section in the statement of cash flows for reporting the depreciation is O Operating activities. Financing activities. OInvesting activities. O Schedule of noncash investing or financing activity This is not reported on the statement of cash flows.
The statement of cash flows for the year ended December 31, 2021, for Whiteside Incorporated is presented below. $ 214,300 WHITESIDE INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Cash received from customers $ 500,000 Interest on notes receivable 12,800 Dividends received 5,300 Purchase of inventory (196,000) Payment of operating expenses (91,000) Payment of interest on debt (16,800) Net cash flows from operating activities Cash flows from investing activities: Sale of...
The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below. BRONCO METALS Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Collections from customers $ 408,000 Interest on notes receivable 5,100 Dividends received from investments 3,500 Purchase of inventory (197,000) Payment of operating expenses (70,000) Payment of interest on notes payable (9,100) Net cash flows from operating activities Cash flows from investing activities: Collection of...
The appropriate section in the statement of cash flows for reporting the payment of long-term debt is O Operating activities. O Financing activities O Investing activities. O Schedule of noncash investing or financing activity. O This is not reported on the statement of cash flows.
whats right answer?
The appropriate section in the statement of cash flows for reporting the purchase of a new building is O Operating activities. O Financing activities. Investing activities. O Schedule of noncash investing or financing activity. O This is not reported on the statement of cash flows.
Wages paid in cash are shown in which section of the statement of cash flows? Multiple Choice O Investing activities. Schedule of noncash investing or financing activity. O Financing activities. This is not reported on the statement of cash flows. Operating activities.
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