22. In which of the following situations would Daystar Company record unearned revenue in May? In April, Daystar Company received payment from a customer for services that are performed in May. Daystar Company completes a job for a customer in May; payment will be received in June. Daystar Company is paid on May 25 for work done in the first two weeks of May. Daystar Company receives payment in May for work to be performed in June and July. 23. The order of presentation of activities on the statement of cash flows is operating, investing, and financing. operating, financing, and investing. financing, operating, and investing. financing, investing, and operating. 24. Which of the following are the owners of a partnership business? (a) Proprietors (b) Partners (c) Shareholders (d) Managers 25. A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger. True False 26. Which one of the following items is not necessary in preparing a statement of cash flows? Determine the change in cash Determine the cash provided by operations Determine cash from financing and investing activities Determine the cash in all bank accounts 27. Pare Company reported a net loss of $30,000 for the year ended December 31, 2014. During the year, accounts receivable decreased $15,000, merchandise inventory increased $25,000, accounts payable increased by $30,000, and depreciation expense of $20,000 was recorded. During 2014, operating activities used net cash of $10,000. used net cash of $25,000. provided net cash of $10,000. provided net cash of $25,000. 28. Which of the following assets is not subject to depreciation and whose usefulness does not decline over time? A. Patents. B. Copyrights. C. Land. D. Coal mine. 29. Which of the following is an example of an intangible asset? (a) Copyrights (b) Good will (c) Patents (d) All before 30. The period of time over which the cost of an asset is allocated to depreciation expense is called its useful life. True False
22. In which of the following situations would Daystar Company record unearned revenue in May? In April, Daystar Company received payment from a customer for services that are performed in May. Daystar Company completes a job for a customer in May; payment will be received in June. Daystar Company is paid on May 25 for work done in the first two weeks of May. Daystar Company receives payment in May for work to be performed in June and July. 23. The order of presentation of activities on the statement of cash flows is operating, investing, and financing. operating, financing, and investing. financing, operating, and investing. financing, investing, and operating. 24. Which of the following are the owners of a partnership business? (a) Proprietors (b) Partners (c) Shareholders (d) Managers 25. A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger. True False 26. Which one of the following items is not necessary in preparing a statement of cash flows? Determine the change in cash Determine the cash provided by operations Determine cash from financing and investing activities Determine the cash in all bank accounts 27. Pare Company reported a net loss of $30,000 for the year ended December 31, 2014. During the year, accounts receivable decreased $15,000, merchandise inventory increased $25,000, accounts payable increased by $30,000, and depreciation expense of $20,000 was recorded. During 2014, operating activities used net cash of $10,000. used net cash of $25,000. provided net cash of $10,000. provided net cash of $25,000. 28. Which of the following assets is not subject to depreciation and whose usefulness does not decline over time? A. Patents. B. Copyrights. C. Land. D. Coal mine. 29. Which of the following is an example of an intangible asset? (a) Copyrights (b) Good will (c) Patents (d) All before 30. The period of time over which the cost of an asset is allocated to depreciation expense is called its useful life. True False
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5PB: Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet...
Related questions
Question
22.
In which of the following situations would Daystar Company record unearned revenue in May?
In April, Daystar Company received payment from a customer for services that are performed in May.
|
||
Daystar Company completes a job for a customer in May; payment will be received in June.
|
||
Daystar Company is paid on May 25 for work done in the first two weeks of May.
|
||
Daystar Company receives payment in May for work to be performed in June and July.
|
23.
The order of presentation of activities on the statement of cash flows is
operating, investing, and financing.
|
||
operating, financing, and investing.
|
||
financing, operating, and investing.
|
||
financing, investing, and operating.
|
24.
Which of the following are the owners of a partnership business?
(a) Proprietors
|
||
(b) Partners
|
||
(c) Shareholders
|
||
(d) Managers
|
25.
A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger.
True
False
26.
Which one of the following items is not necessary in preparing a statement of cash flows?
Determine the change in cash
|
||
Determine the cash provided by operations
|
||
Determine cash from financing and investing activities
|
||
Determine the cash in all bank accounts
|
27.
Pare Company reported a net loss of $30,000 for the year ended December 31, 2014. During the year, accounts receivable decreased $15,000, merchandise inventory increased $25,000, accounts payable increased by $30,000, and depreciation expense of $20,000 was recorded. During 2014, operating activities
used net cash of $10,000.
|
||
used net cash of $25,000.
|
||
provided net cash of $10,000.
|
||
provided net cash of $25,000.
|
28.
Which of the following assets is not subject to depreciation and whose usefulness does not decline over time?
A. Patents.
|
||
B. Copyrights.
|
||
C. Land.
|
||
D. Coal mine.
|
29.
Which of the following is an example of an intangible asset?
(a) Copyrights
|
||
(b) Good will
|
||
(c) Patents
|
||
(d) All before
|
30.
The period of time over which the cost of an asset is allocated to depreciation expense is called its useful life.
True
False
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