CHAPTER 23 STATEMENT OF CASH FLOWS IFRS questions are available at the end of this chapter. TRUE-FALSe—Conceptual Answer No. Description F 1. Primary purpose of the statement of cash flows. T 2. Information provided by statement of cash flows. T 3. Classification of operating activities. F 4. First step in cash flow statement preparation. T 5. Reconciling beginning and ending cash balances. F 6. FASB’s recommended method. T 7. Decrease in accounts receivable and cash-basis revenues. F
Premium Cash flow statement Balance sheet Generally Accepted Accounting Principles
CASES Real World Case 5-1 Requirement 1 A bill and hold strategy accelerates the recognition of revenue. In this case‚ sales that would normally have occurred in 1998 were recorded in 1997. Assuming a positive gross profit on these sales‚ earnings in 1997 is inflated. Requirement 2 A customer would probably not be expected to pay for goods purchased using this bill and hold strategy until the goods were actually received. Receivables would therefore increase. Requirement 3 Sales that would
Premium Generally Accepted Accounting Principles Revenue Revenue recognition
Chapter 3 continued... Every acct on adj trial bal is used only once in creating first 3 financial stmts. Point of closing is to bring RE up to date - in doing that‚ we zero out temp accts. 4 kinds of closing entries: 1) close out Revenue - debit Rev CR Income Summ (normal credit bal) (only exists long enough for closing entries) - companies may be closing hundreds of rev or exp accts 2) close out Expense accts - list every single acct DR Income Summ CR Exp accts 3) DR Income Summ
Premium Revenue Generally Accepted Accounting Principles Income
Chapter 1 What Is Economics? 1.1 Definition of Economics 1) In a world characterized by scarcity A) all goods are free. B) opportunity cost is zero. C) we are not limited by time. D) individuals need not work to obtain goods. E) people must make choices among alternatives. Answer: E Diff: 1 Type: MC Topic: Definition of Economics 2) Which of the following is the best definition of economics? A) the study of how a provincial government allocates tax dollars B) the study of how consumers
Free Economics
ECON 281 Fall Term Intermediate Microeconomic theory I University of Alberta XiaoGang Che Chapter One Overview 1. Defining Microeconomics and Macroeconomics 2. Microeconomic Modeling Tools • Constrained Optimization • Equilibrium Analysis • Comparative Statics 3. The Types of Microeconomic Analysis • Positive Analysis • Normative Analysis Chapter One 2 Microeconomics Defined Microeconomics is the study of how individual economic decision-makers such as consumers‚ workers‚ firms
Premium Supply and demand Economics
Should intermediate sanctions be run by traditional probation and prison systems or by new private or public agencies seeking to serve as alternatives to them? List two benefits and two challenges for each of these strategies and provide your own policy recommendation about which one should be used (and why). Overcrowding of prisons and unnecessary incarceration rates is one of the major problems in the United States today. As stated in Chapter 9‚ “ more then 60 billion dollars is spent on corrections
Premium Prison
Intermediate Sanctions Florence Thomas Axia College of University of Phoenix Intermediate sanctions are criminal sentences that fall between standard probation and incarceration. Intermediate sanctions can include house arrest‚ intensive probation (i.e.‚ probation with more conditions beyond the basic conditions of standard probation)‚ boot camps‚ electronic monitoring‚ and drug treatment programs. Intermediate sanctions serve a dual purpose in the criminal justice system
Premium Crime Prison Criminal law
Aqsa Kiran Prof. Moinul Islam 7th Feb‚ 2015 Intermediate Microeconomics PPE-3100 Home Work -1 1. Suppose a teenager has $20 and likes both rap music (R) and country music (C) with a set of preferences so that U = C1/2R1/2. Suppose that the iTunes price of a rap music song is and the price of a country music song is. Find optimum levels of R and C. What is the greatest level of affordable utility (Use Lagrange method)? U = C^1/2 R ^1/2 Constrain = Pc +PR = 20 Applying Lagrange Method
Premium Utility Preference
Intermediate Sanctions Intermediate sanctions are the sanctions that are more restrictive than the probation and less restrictive than imprisonment. It is also intended to relieve the pressure on the over crowed facilities that deal with the corrections and the probation departments that are understaffed. The purpose for the intermediate sanction in the criminal justice process is that it helps with any of the concerns from the facilities being packed and over crowed. Jails and the prisons
Premium Criminal justice Prison
Chapter 1 Globalization and International Business 1) The broadening set of interdependent relationships among people from different parts of the world is known as ________. A) globalization B) offshoring C) franchising D) outsourcing Answer: A Diff: 1 Page Ref: 5 Skill: Concept Objective: STUDY QUESTION 1.1: What are international business and globalization? What is the relationship between them? AACSB: Multicultural and Diversity 2) The term globalization is sometimes used to mean the ________
Premium Globalization