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1. The methods of accounting for a lease by lessee are

a. operating and capital lease methods.
b. operating, sales, and capital lease methods.
c. operating and leveraged lease methods.
d. none of these.

2. The Lease Liability account must be disclosed as

a. all current liabilities.
b. all noncurrent liabilities.
c. current portions in current liabilities and the remainders in noncurrent liabilities.
d. deferred credits.

3. Which of the given is shown on statement of cash flows?

a. A stock dividend
b. A stock split
c. An appropriation of retained earnings
d. None of these

4. Net cash provided by operating activities in Moon Company's statement of cash flows for 2004 was $154,000. For 2004, depreciation on plant assets was $60,000, amortization of goodwill was $10,000, and cash dividends paid on common stock was $72,000. Based only on information given above, Moon's net income for 2004 was

a. $154,000.
b. $84,000.
c. $12,000.
d. $156,000.

5. Equipment which cost $138,000 and had accumulated depreciation of $74,000 was sold for $72,000. This transaction muts be shown on statement of cash flows (indirect method) as a(n)

a. addition to net income of $8,000 and $72,000 cash inflow from financing activities.
b. deduction from net income of $8,000 and a $64,000 cash inflow from investing activities.
c. deduction from net income of $8,000 and a $72,000 cash inflow from investing activities.
d. addition to net income of $8,000 and a $64,000 cash inflow from financing activities.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920687

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