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- 1. Which of the following is not a financial instrument? a. accounts receivable b. accrued utilities payable c. cash d. advances to suppliers 2. Which of the following is not a financial asset? a. investment in bonds b. investment in held for trading securities c. prepaid income tax d. interest receivable 3. Which of the following is a financial liability? a. income tax payable b. unearned revenue c. warranty obligation d. lease liabilityWhich of the following statements is false? A. Noncash activities should be reported in accrual basis financial statements. B. Net cash flow from operating activities relates to normal business operations. C. Net income usually equals net cash flow from operating activities. D. The statement of cash flows is an essential part of the basic financial statements.Which of the following would be included in the financing section? A. loss on sale of investments B. depreciation expense C. increase in notes receivable D. decrease in notes payable
- 1. which of the following transactions will result in the increase and decrease in liability? a. payment of loan by installmentb. borrowed money from the bankc. issued a promissory note in payment of a liabilityd. request for an extension of the date of payment 2. a statement which shows where the money of the business is obtained and used? a. statement of financial positionb. statement of cash flowsc. cash budgetd. statement of revenues and expensesWhich one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses is a non-current liability c. Accounts receivable is a current liability d. Prepaid expenses is a current assetWhich of the following would NOT affect owner's equity? • a cash receipt from a customer in payment of account O withdrawal of funds for personal use • incurring an expense • services provided for cash.
- Which of the following returns is consistent with contractual cash flows that are solely payments of principal and interest or SPPI? I. Return of passage of time II. Return for the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation III. Return for the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset IV. Return for amounts to cover expenses and a profit margin a. I, II, III, and IV b. I, II, and III c. I and IV only d. II and III onlyWhich of the following statements is not true about liabilities? a.Account titles of liabilities often include the term “payable.” b.Liabilities are debts owed to outsiders. c.Liabilities do not include wages owed to employees of the company. d.Cash received before a service is performed creates a liability.which of the following items appear within multiple financial statements? a). net income(or net loss) and cash. b).ending capital balance end net income(or net loss) c). cash and withdrawals d). ending capital balance and withdrawals
- Which of the following statements regarding liabilities is not true? a. Liabilities can be for services rather than cash.b. Liabilities are reported in the balance sheet for almost every business.c. Liabilities result from future transactions.d. Liabilities represent probable future sacrifices of benefits.The collection of cash from customers to which they owe to the entity from its past rendering of services would cause what effect on corresponding accounts? a. No effect on neither assets nor liabilities b. Decrease in assets c. Increase in assets d. Increase in liabilitiesWhich of the following is NOT TRUE about the basic and additional financial statements? a) Basic financial statements are prepared according to the accrual basis of accountingb) Basic financial statements are comprised of balance sheet , income statement , statement of changes in equity and the statement of cash flowsc) Assets and the financial sources of assets as of a certain date are presented on the balance sheetd) Financial sources of assets are comprised of current and long term liabilities and equity