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1.

Question : Student Answer:

(TCO 3) Where do intercompany sales of inventory appear on a consolidated statement of cash flows?

They do not appear on the consolidated statement of cash flows

Supplemental schedule of non-cash investing and financing activities

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Points Received: Comments:

0 of 2

1890914366 0
2. Question : Student Answer:

MultipleChoice 1890914366

15 MultipleChoice

False 15

(TCO 3) Which of the following statements is true regarding an intercompany sale of land?

A loss is always recognized but a gain is eliminated on a consolidated income statement

A loss and a gain are always eliminated on a consolidated income statement

A loss and a gain are always recognized on a consolidated income statement

A gain is always recognized but a loss is eliminated on a consolidated income statement

A gain or loss is eliminated by adjusting stockholders' equity through comprehensive income

Points Received: Comments:

2 of 2

1890914367 0
3. Question :

MultipleChoice 1890914367

8 MultipleChoice

True 8

(TCO 3) With regard to the intercompany sale, which of the following choices would be a debit entry in the consolidated worksheet for 2009?

Student Answer: Retained earnings

Cost of goods sold

Inventory

Investment Fisher Company

Additional paid-in capital

Points Received: Comments:

2 of 2

1890914368 0
4. Question :

MultipleChoice 1890914368

9 MultipleChoice

True 9

(TCO 3) Parent sold land to its subsidiary for a gain in 2007. The subsidiary sold the land externally for a gain in 2010. Which of the following statements is true?

Student Answer: A gain will be reported on the consolidated income statement in 2007

A gain will be reported on the consolidated income statement in 2010

No gain will be reported on the 2010 consolidated income statement

Only the parent company will report a gain in 2010

The subsidiary will report a gain in 2007

Points Received: Comments:

0 of 2

1890914369 0
5. Question :

MultipleChoice 1890914369

6 MultipleChoice

False 6

(TCO 3) Using the indirect method, where does the decrease in accounts receivable appear on a consolidated statement of cash flows?

Student Answer: $8,000 increase to net income as an operating activity

$8,000 decrease to net income as an operating activity

$6,400 increase to net income as an operating activity

$6,400 decrease to net income as an operating activity

$8,000 increase as an investing activity

Points Received: Comments:

2 of 2

1890914370 0

MultipleChoice 1890914370

22 MultipleChoice

True 22

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WEEK 5

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