QUESTION 16 The financing activities section of the statement of cash flows includes activities that affect current assets and current liabilities. True False QUESTION 17 The statement of cash flows helps users evaluate the company's earnings per share evaluate management decisions predict future net income predict the growth of a company's assets Click Save and Submit to save and submit. Click Save All Answers to save all answers. 3 6 39 10 11 12 13 13 16 17 QUESTIONS Obligations that are expected to be paid after one year or the operating ide whichever is longer are classified as current lublites True QUESTIONS The accounts involved in the adjusting process are those that may be reversed on the first day of the next accounting period True False QUESTION 10 Long-term investments, such as land held for speculation should be classified: A Property, plant Lequipment 1.8. Current abilities Intangible assets D.Other assets L. None of these QUESTION 11 Identify these activities from the cash flow Statement as Operating investing of Financing activities Cash payment of income taxes 4. Operating Cash received from sing common stoc Francing Clio and Stand wie Alto Revenues 101000 Salary expenses 60,000 Path: P QUESTION 6 All information necessary for preparation of formal financial statements is found in the work sheet's income statement and balance sheet sections True False QUESTION 7 An adjusted trial balance is generally prepared after the financial statements are completed. True False QUESTION 8 Path: P Words:42 QUESTION 3 After closing all Revenue and Expense accounts, Weiss Company had a debit balance in its Income Summary account of 55.000. The proper entry to record the closing of the Income Summary account would include: A a debit to Expenses of 55.000 B. a credit to Retained Earnings of $5,000 C a credit to Income Summary of $5,000 D. a credit to Revenues of $5,000 None of these. QUESTION 4 The current ratio reflects current liabilities divided by current assets. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers