Chapter 5q2.pdf-Missed 2 Question 1 The ...
Chapter_5q2.pdf-Missed 2 Question 1 The financing
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Chapter 5q2.pdf-Missed 2 Question 1 The financing
Chapter_5q2.pdf-Missed 2 Question 1 The financing
Chapter 5q2.pdf-Missed 2 Question 1...
Chapter_5q2.pdf-Missed 2 Question 1 The financing
Page 4
capital stock.
retained earnings.
Question 16
Which of the following would be added back to net income in the operating activities section of the statement of
cash flows?
Payment of a cash dividend.
Increase in inventory.
Increase in accounts payable.
Gain on sale of equipment.
Question 17
Which of the following is a limitation of the balance sheet?
Many items that are of financial value are omitted.
Judgments and estimates are used.
Current fair values are not reported for many assets and liabilities.
All of these
Question 18
Which of the following is not a major disclosure technique for the balance sheet?
Parenthetical explanations.
Supporting schedules.
Question 19

Page 5
Which of the following balance sheet formats lists the assets on the left side of the page and the liabilities and
stockholders’ equity on the right side?
Single step form.
Account form.
Multiple step form.
Report form.
Question 20
The financial statement which summarizes the operating, investing, and financing activities of an entity for a period of
time is the
retained earnings statement.
income statement.
statement of cash flows.
statement of financial position
Question 21
The issuance of stock and the payment of dividends are
operating activities.
investing activities.
stock activities.
financing activities.
Question 22
Cortex Corporation reports:
What is Cortez’s ending cash balance?

Page 6
Question 23
Which of the following is not a type of information that is supplemental to amounts presented in the balance sheet?
Accounting policies.
Balance sheet format.
Contractual situations.
Question 24
The cash debt coverage ratio is computed by dividing net cash provided by operating activities by average
current liabilities.
total assets.
total liabilities.
total long-term liabilities.
Question 25
How many different ways may pertinent information be disclosed in the financial statements?

Page 7

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