a. GAAP records revenue at the time of sale eyen if cash is not immediately received. 5. Which statement is FALSE? b. GAAP records expenses at the time of purchase even if cash is not immediately paid for c. GAAP accounting depreciates long-lived assets rather than immediately expensing them those costs. d. GAAP records assets and liabilities on the balance sheet at their current market value. on the income Statement. 6. Which of the following accounts would NOT show up in the section titled Cash Flow from Operations? Check all that apply. [1/2pt each] Net income Changes in inventory Annual depreciation expense Change in the firm's cash account Accounts payable Increase in long-term debt 7. On a Statement of Cash Flows, the section Cash Flow from Investing tells you: a. how much money was raised from issuing new debt/equity. b. how much money was spent on new plant and equipment. c. money much money was saved to increase the firm's cash account. d. how much money was paid in interest expense and dividend expense. 8. Which of the following statements is FALSE regarding the Statement of Cash Flows? a. The statement includes both the balance sheet and income statement. b. The statement corrects for depreciation accounting conventions. c. The statement converts book values to market values. d. The statement converts the balance sheet to a "flow" rather than a "stock" 9. CDCC's year-end balance sheet indicated cash increased by $25,000 from the prior year. If CDCC spent $120,000 on fixed assets during 2015 and cash from operating activities was +$100,000 what was cash flow from financing activities? a. +$245,000 b. +$270,000 c. +$30,000 d. +$45,000 e. $195,000 f. $270,000 g. $30,000