52 19 53 54 55 56 57 58 Phillip Co. completes snow removal for the month of January. He leaves the invoice in his customers mailbox, however, will not receive pament until some time in February, Phillip Co. records the revenue in January, Phillip Co is applying the concept of a) cash based accounting b) time based accounting c) tax based accounting d) accrual accounting 10 59 60 61 62 63 64 Measures the resources controlled by a company (assets) and the claims on that resources (by creditors and investors) at a given point in time. a) Statement of retained earnings b) Income Statement c) Balance Sheet d) Statement of Cash Flow 11 65 66 67 68 Proceeds from the sale of inventory will be in what section of the cash flow statement? a) Operating Activities b) Investing Activities c) Financing Activities d) Disclosure 69 tament Ouestion 3 Cash Flow Statement Question 4 Bank Reconciliati Proceeds from the sale of Inventory will be in hoc a) Operating Activities b) Investing Activities c) Financing Activities d) Disclosure 5 8 9 0 1 12 2 3 34 75 76 77 Use the follow... A company can mitigate bad debt expense by a) extending payments terms b) not charging interest on late payments c) performing credit checks d) all of the above partnership All of the following can be found on a Statement of Income except 30 Accumulated Depreciation Depreciation Epense Interest Revenue ost of Goods Sold 34 35 16 We would you classify Unearned Revenue on a Balance Sheet (Statement of Financial Position)? 36 a) rent Liability 37 b) Current Asset 38 c) Cunt Asset 39 d) Share Capital 40 417 Why docet income differ from cash flows from operating activities? a) Net in me contains non-cash items such as depreciation 43 b) Operating cash flows is calculated using accrual accounting while net income uses the cash basis 44 c) Net Income includes operating, investing and financing cash flows 45 d) Net Income excludes provisions for taxes 46 An enhancing qualitative characteristic of useful information that means that different 8 knowledgeable and independent users could reach a consensus that the information is 7 faithfully represented a) comparability b) verifiability c) timeliness d) understandability 42 purchase of property, plant, and equipment paying dividends 14 gers Gibson Stein: A medium size law firm operating in Edmonton John Rogers, chelle Gibson and Simon Stein are the partners and they have 32 employees. What type usiness organization would be most fitting for the company described? 24 le proprietorship 25 b) lition 26 c) coration 27 d) papership 28 295 All of the following can be found on a Statement of Income except 30 a) Accumulated Depreciation 31 b) Depreciation Epense 32 c) Interest Revenue 33 d) Cost of Goods Sold 34 356 Where would you classify Unearned Revenue on a Balance Sheet (Statement of Financial Position)? 36 a) Current Liability 37 b) Non-Current Asset 38 c) Current Asset Share Cenital jonus Question 2 Income Statement Question 3 Cash Flow Statement Question 4 Bank Reconciliation Question 5 Calculation Mode: Automatic Workbook Statistics 20