Intermediate Accounting Study Set 7

Business

Quiz 22 :

The Statement of Cash Flows

Quiz 22 :

The Statement of Cash Flows

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On the statement of cash flows, cash receipts of dividends are classified as investing activities under U.S. GAAP.
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True False
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False

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Which of the following is not a cash equivalent?
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A

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The statement of cash flows assists financial statement users in all of the following ways except ________.
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C

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Which of the following questions would not be answered by the annual cash flow statement?
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On the statement of cash flows, cash receipts from the collection of notes receivable are classified as investing activities.
True False
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Cash equivalents are short-term, highly liquid investments with original maturities of one year or less when acquired.
True False
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Which of the following is considered to be a part of cash and cash equivalents under IFRS, but not U.S. GAAP?
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List five ways that the statement of cash flows assists the users of financial statements?
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Under both U.S. GAAP and IFRS, bank overdrafts are netted against the other positive balances included in cash and cash equivalents.
True False
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The statement of cash flows summarizes a firm's cash inflows and outflows at a point in time.
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How do U.S. GAAP and IFRS differ in measuring cash and cash equivalents?
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On the statement of cash flows, cash receipts of dividends are classified as operating activities under U.S. GAAP.
True False
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On the statement of cash flows, operating cash flows include cash flows that relate to the production and delivery of goods and services.
True False
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Bank overdrafts are considered to be a reduction of cash under IFRS, but not under U.S. GAAP.
True False
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The primary objective of the statement of cash flows is to ________.
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The statement of cash flows is divided into three sections under U.S. GAAP and four sections under IFRS.
True False
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On the statement of cash flows, the three classifications of cash flows are reporting, investing, and financing.
True False
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One purpose of the cash flow statement is to determine the firm's need for external financing.
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Under U.S. GAAP, bank overdrafts are typically considered to be liabilities.
True False
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When preparing the statement of cash flows, IFRS will allow companies to classify some cash flows classified as investing or financing activities under U.S. GAAP as operating activities under IFRS.
True False
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