Homework Answers
Option (b) is correct
Gain and losses are always shown in income statement. Income statement is prepared to know the profit or loss made during a period of time.
Option (a) is incorrect as statement of stockholder's equity shows changes in stockholder's equity during the period.
Option (c) is incorrect as statement of cash flows show the sources and uses of cash during a period of time.
Option (d) is incorrect as Balance sheet shows the financial position of a business at a particular point of time.
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Gains and losses are shown in which of the following statements? Select one: a statement of...
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b....
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b. assets, liabilities, and owners’ equity c. revenues, expenses, gains, and distributions to owners d. assets, liabilities, and investments by owners 2. Exchanges of assets for assets have what effect on equity? a. There is no relationship between assets and equity b. increase equity c. may have no impact on equity d. decrease equity 3. Identify the correct components of the income statement. a. revenues,...
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance...
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance sheet as part of shareholders' equity. O b. on the income statement. o c. as a contra asset. O d. as a current asset.
Which of the following is a true statement regarding relationships between the financial statements? Select one:...
Which of the following is a true statement regarding relationships between the financial statements? Select one: a. Sale on credit increases net sales on Income Statement and decreases inventory on Balance Sheet b. When a customer pays for a product accounts receivable on balance sheet becomes income on Income Statement c. When expenses are paid, cash from operations increases on Cash Flow, and Accounts Payable decreases on Balance Sheet d. Expenses incurred on Income Statements become accounts receivable on the...
Which of the following statements is NOT correct? Select one or more a. The statement of...
Which of the following statements is NOT correct? Select one or more a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time b. A balance sheet reports on a company's assets and liabilities over a period of time C. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point of...
Which of the following statements is NOT correct? Select one or more: O a. The statement...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
Which of the following statements are correct (Select all that apply): Select one or more: A....
Which of the following statements are correct (Select all that apply): Select one or more: A. A balance sheet reports on investing and financing activities. B. An income statement reports on financing activities. C. The statement of equity reports on changes in the accounts that make up equity. D. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. E. A balance sheet reports on a company's assets and liabilities...
Realized gains and losses on which of the following investments never appear on the income statement...
Realized gains and losses on which of the following investments never appear on the income statement under IFRS 9? A. Amortized cost debt securities B. FV-NI securities C. FV-NI securities and FV-OCI equity securities D. FV-OCI equity securities
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses....
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses. b. operating section, nonoperating section, discontinued operations, extraordinary items, and cumulative effect. C. revenues, irregular items, and general expenses. d. revenue, cost of goods sold selling expenses, and general expense. age
Which of the following affect the cash flow statement? Select one: a. The companies accountant records...
Which of the following affect the cash flow statement? Select one: a. The companies accountant records 23000 in depreciation for the building We own b. Eric's bar (The Patton Alley Pub) takes out a 150000 SBA loan to get through the pandemic. c. A customer buys a new refrigerator for $650 at Best Buy using the 12 months payments no interest credit option for payment. d. Your start-up signs a contract for a new 15000$ website. are financial statement used...
1. Which of the following sections of the statement of cash flows include activities that increase...
1. Which of the following sections of the statement of cash flows include activities that increase and decrease long-term liabilities and stockholders' equity? A) the investing section B) the non-cash investing and financing section C) the financing section D) the operating section 2. Walker Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Walker Corp. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Increase/degrease Cash...
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance sheet as part of shareholders' equity. O b. on the income statement. o c. as a contra asset. O d. as a current asset.
Which of the following is a true statement regarding relationships between the financial statements? Select one: a. Sale on credit increases net sales on Income Statement and decreases inventory on Balance Sheet b. When a customer pays for a product accounts receivable on balance sheet becomes income on Income Statement c. When expenses are paid, cash from operations increases on Cash Flow, and Accounts Payable decreases on Balance Sheet d. Expenses incurred on Income Statements become accounts receivable on the...
Which of the following statements is NOT correct? Select one or more a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time b. A balance sheet reports on a company's assets and liabilities over a period of time C. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point of...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses. b. operating section, nonoperating section, discontinued operations, extraordinary items, and cumulative effect. C. revenues, irregular items, and general expenses. d. revenue, cost of goods sold selling expenses, and general expense. age
Which of the following affect the cash flow statement? Select one: a. The companies accountant records 23000 in depreciation for the building We own b. Eric's bar (The Patton Alley Pub) takes out a 150000 SBA loan to get through the pandemic. c. A customer buys a new refrigerator for $650 at Best Buy using the 12 months payments no interest credit option for payment. d. Your start-up signs a contract for a new 15000$ website. are financial statement used...
1. Which of the following sections of the statement of cash flows include activities that increase and decrease long-term liabilities and stockholders' equity? A) the investing section B) the non-cash investing and financing section C) the financing section D) the operating section 2. Walker Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Walker Corp. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Increase/degrease Cash...
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