ACCT 370 Connect Smartbook Assignment 4 solutions complete answers

ACCT 370 Connect Smartbook Assignment 4 solutions complete answers 

 

If there is an increase in the Prepaid Rent account, this means that

 

The increase or decrease in cash arising from a firm's profit-making activities comprise

 

Uncollectibles represent a normal cost of business when companies sell goods or services on  .

 

When a past event might have created a loss, a(n)   liability exists.

 

Current liabilities include (select all that apply)

 

A                         must be presented in addition to an income statement and a balance sheet because cash flows and accrual earnings can differ dramatically.

 

      is the contingent loss probability category for items with a slight chance of the future event occurring.

 

According to GAAP, a loss contingency shall be accrued by a charge to income if

 

The amount measured as the difference between the consideration given up by a company to acquire another business entity and the fair value of the separately identifiable net assets is called      .

 

The amounts owed to suppliers of merchandise or services purchased on open account are called

 

Assets not expected to be converted into cash within 12 months or within the operating cycle if longer include

 

Both U.S. GAAP and IFRS encourage, but do not require, the use of the       method when preparing cash flow statements.

 

Cash flow from       activities include purchases which affect fixed assets.

 

The Cash Flow Statement for Glassworks, Inc. showed the following: operating activities generated $5,400 in cash flows, investing activities used $2,500, and financing activities used $375. What was the increase (decrease) in cash for the period?

 

Changes in cash due to transactions affecting long-term liabilities and equity are cash flows from ______ activities.

 

The Common stock account represents the              of shares issued and outstanding.

 

Credit sales that have not yet been collected are known as

 

Decreases in cash resulting from investments in productive assets are

 

The direct method of preparing a cash flow statement has to provide a reconciliation between              and cash flow from operating activities.

 

The FASB defines             of an asset as the amount at which the asset could be bought or sold in a current transaction between willing parties.

 

A firm's             is the elapsed time beginning with the initiation of production and ending with the cash collection of receivables from the sale of the product.

 

Goodwill is a noncurrent       asset.

 

Identify a cash inflow from operating activities using the direct method.

 

Identify the correct statement regarding the method used to determine cash flows from operating activities.

 

Identify the items that would be added to net income when preparing the cash flows from operating activities using the indirect method.

 

Identify the items that would be subtracted from net income when preparing the cash flows from operating activities using the indirect method.

 

If the balance of accounts receivable increases during the period, this means that

 

If the equipment account increases by $6,000, that means that

 

Liabilities that are expected to be satisfied within one year of the balance sheet date are       liabilities.

 

Match the method of preparing the cash flow from operations on the left with its description on the right.

 

Match the type of cash flow on the left with the affect on the balance sheet account on the right.

 

The method of reporting cash flow from operating activities beginning with net income is the       method.

 

The practice of anticipating and recording losses but not recording gains until they are confirmed is known as            .

 

Probable future economic benefits obtained or controlled by an entity as a result of past transactions are      .

 

The proceeds of long-term debt are equal to the             of the future cash flows associated with the instrument.

 

The ______ provides a snapshot of the company's financial position at a point in time.

 

A "stand ready obligation"

 

Cash flow from investing activities include

 

Cash flows from operating activities include

 

Current assets on the balance sheet include (select all that apply)

 

Examples of noncurrent liabilities include

 

Financing activities include

 

Noncurrent assets include (select all that apply)

 

Stockholders' equity may include (select all that apply)

 

The balance sheet (select all that apply)

 

The change in cash on the Statement of Cash Flows is broken into which of the following categories (select all that apply)?

 

The inventory account for a manufacturing firm comprises the following components (select all that apply)

 

The probability categories related to contingent losses include

 

Which of the following are true for estimated uncollectible receivables?

 

Which of the following are true of a "stand ready obligation?"

 

Which of the following are true of contingent liabilities?

 

Which of the following are true of loss contingencies?

 

Which of the following are true of Retained Earnings?

 

Which of the following are true regarding a cash flow statement?

 

Which of the following are true regarding a statement of cash flows?

 

A statement of cash flows prepared using the       method will report "cash received from customers" and "cash paid to suppliers and employees."

 

Which of the following amounts are the same under the indirect method and the direct method?

 

Which of the following is not true regarding depreciation expense?

 

Which of the following would be an outflow of cash from operating activities?