Practice Quiz Module 4

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Franklin University *

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Accounting

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Jan 9, 2024

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Question 1 Company A is a merchandiser. Accounts payable is only used for inventory purchases. The following information was available for the company's current year operations: Cost of goods sold $326,000 Beginning merchandise inventory 64,500 Ending merchandise inventory 47,000 Beginning accounts payable $54,000 Ending accounts payable $61,200 The cash paid to merchandise suppliers during the year is ________. $301,300 Question 2 Which of the following are the activities that are included in the operating activities section of the statement of cash flows? activities that create revenue or expenses in the company's major line of business Question 3 Which of the following sections from the statement of cash flows includes activities that increase and decrease long-term assets? the investing section Question 4 An outflow of cash from an investing activity would be ________. purchasing a piece of equipment Question 5 Which of the following statements is NOT correct with regard to the statement of cash flows? The statement of cash flows is dated the same as the balance sheet.
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