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QUESTION 1 A characteristic which distinguishes the corporate form of organization from a sole proprietorship or partnership is that a O a corporation is organized for the purpose of making a profit Ob.corporation is subject to more federal and state government regulations. Oc. corporation's temporary accounts are closed at the end of the accounting period O d. corporation is an accounting economic entity QUESTION 2 10 po The statement of cash flows helps investors and creditors assess each of the following except the O a entity's ability to pay dividends. Ob.cash investing and financing transactions during the period. O creasons for the difference between net income and net cash provided by operating activities. O d.entity's ability to generate future income. QUESTION 4 One of the following items is not generally used in preparing a statement of cash flows. Which is it? O a. Comparative balance sheets O b. Adjusted trial balance O c. Additional information O d. Current Income statement QUESTION 5 One of the following items is not considered a part of the cost of a truck purchased for business use. Which is it? O a. Truck license O b. Sales tax O c. Cost of lettering on side of truck a O d. Freight charges QUESTION 6 10 points Harry Hicks Professional Shop had a balance in the Accounts Receivable account of $800,000 at the beginning of the year and a balance of $900,000 at the end of the year. Net credit sales during the year amounted to $8,040,000. The average collection period of the receivables in terms of days was O a. 38.4 days O b.36.1 days c. 4 days. O d. 37 2 days QUESTION 7 Which of the following best describes the statement of cash flows? Oa, it is a special section of the income statement O b.it is another name for the income statement O c. it must be prepared on a daily basis. O d. It summarizes the operating, financing, and investing activities of an entity. QUESTIONS Jonathan Taft has invested $200,000 in a privately held family corporation. The corporation is not doing well and must declare bankruptcy. What amount does Taft stand to lose? 10 points O a. Zero O b. $100,000 O c. Up to his total investment of $200,000 Od. The $200,000 plus any personal assets the creditors demand QUESTION 9 The current portion/component of long-term debt should O a. not be separated from the long-term portion of debt. O b.be classified as a long-term liability O c. be paid immediately. d. be reclassified as a current liability QUESTION 10 10 p The net income reported by B plc on the income statement for the current year was $245,000 Depreciation was $40,000 Account receivable and inventories decreased by $12,000 and $35,000, respectively. Prepaid expenses and accounts payable increased by $1,000 and $8,000, respectively How much cash was provided by operating activities? O a. $339,000 b.$323,000 O c. $311,000 O d. $296,000