Newly hired accountants in a public accounting firm are called: Partners managers staff accountants staff managers GAAP is an abbreviation for; generally authorized accounting procedures generally applied accounting procedures generally accepted auditing principles generally accepted accounting principles The proper classification for a leasehold obligation is: current liabilities long-term debt Property, Plant and Equipment Intangible Assets Neither is correct The proper classification of a series of notes to be collected over 6 years received in exchange for services performed is as follows: Other Long-Term Assets; each note Current Assets-1^st note; Other Long-Term Assets-Notes 2-6 Current Assets-for each note Current Assets- 1^st note; Investments-Notes 2-6 On a cash flow statement, stock dividend distribute is classified as: Operating activities - Outflow Investing activities - Outflow financing activities - Outflow Financing activities - Outflow non - cash transaction - is not reported on the cash flow statement