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Choc. Creme

1 POINT 1 POINT 1 POINT 1 POINT

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GlazedJellyBoston CremeCruller

These are the 4 basic financial statements.

1 POINT

What is Income statement, Retained Earnings statement,

Balance Sheet

And Stmt of Cash Flows

This is the section of the cash flows statement where you would find a bond

issuance.

2 POINTS

What is the financing section?

Non cash transactions would be show in this part of the statement of cash

flows

3 POINTS

It would be on a separate schedule.

4 POINTS

This is the section of the cash flows statement where you

would find a land sale.

What is the investing section

This is the section of the cash flows statement where you would find amortization

5 POINTS

Operating

This is the section of the cash flows statement where you would find a gain on

the sale of investments

1 POINT

Operating

This is the section of the cash flows statement where you would find the cash inflow from a sale of another company’s

common stock.

2 POINTS

Investing

A/R increase – added or subtracted from NI

3 POINTS

Subtracted

This is the section of the cash flows statement where you would report dividends

paid.

4 POINTS

Financing

Cash dividends payable were $20,000 and $28,000 at the beginning and end of the year, $50,000 in dividends were declared

during the year, what is the cash outflow for payment of dividends.

5 POINTS

What is 42,000?

Increase in wages payable – add or subtract from net income.

1 POINT

add

Increase in Inventory

2 POINTS

subtract

Increase in prepaid expenses.

3 POINTS

Subtract

4 POINTS

Depreciation expense

Add

Decrease in Cash

5 POINTS

Nothing

Comparing individual items in financial statements from one year to the next is this

type of analysis.

1 POINT

Horizontal

An analysis where all assets are stated as a component of total assets.

2 POINTS

Vertical analysis

This analysis is used when comparing different size companies in the same

industry.

3 POINTS

What is common-size statement analysis?

What is the formula for horizontal analysis.

4 POINTS

(CY-LY)/LY

5 POINTS

This is a short term asset not included in the acid test ratio

What is prepaid accounts and inventory?

An increase in the collection of A/R will cause the A/R turnover ratio to ?

1 POINT

What is increase?

A good auditor’s report is called a _____ opinion.

2 POINTS

What is clean or unqualified?

An auditor’s report where they can’t give an opinion due to the lack of data available is

called a ____..

3 POINTS

What is disclaimer?

The purpose of an audit is to:

4 POINTS

Render an opinion on the fairness of financial statements.

This is where management gives their opinion of the financial statements and can

be completely biased.

5 POINTS

What is MD&A

CATEGORY:

Cash Flows

MAKE YOUR WAGER!

ANSWER:

Net Income $200,000Loss on Sale of land $30,000

Amortization $10,000A/R increase $30,000

Inventory decrease $18,000A/P decrease $20,000

QUESTION

$208,000