6. Extraordinary items are defined by GAAP as (2 Points) Either unusual or infrequent events Only unusual events Infrequent events such as a flood where floods happen all the time Both unusual and infrequent events * 7. Statement of cash flow calculates cash inflows or outflows from (2 Points) Operating activities and financing activities Operating activities or investing activities or financing activities Operating activities Operating activities, investing activities, and financing activities 8. A treasury stock is (2 Points) A company's own stock A company's own stock that had been previously issued and later reacquired c. Same as preferred stock Same as common stock * 9. Preferred stock can be (2 Points) O Cumulative only Cumulative or noncumulative Noncumulative only All the choices are correct 10. The declaration date of a dividend (2 Points) Is always the same as the payment date Creates an obligation for the corporation O All the choices are correct O is the same as the record date