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1. Primary accounting standard-setting body in United States is:

a) Securities and Exchange Commission.
b) Accounting Principles Board.
c) Financial Accounting Standards Board.
d) Internal Revenue Service.

2. Starting with net income and adjusting it for items which affected reported net income but which didn't affect cash is called:

a) direct method.
b) indirect method.
c) working capital method.
d) cost-benefit method.

3. Which of the given would not be included in operating activities section of Statement of cash flows?

a) Cash inflows from returns on loans (i.e., interest)
b) Cash inflows from returns on equity securities (i.e., dividends)
c) Cash outflows to governments for taxes
d) Cash outflows to reacquire treasury stock

4. Harne Manufacturing declared 10% stock dividend when it had 150,000 shares of $5 par value common stock outstanding. Market price per common share was $15 per share when dividend was declared. Entry to record this dividend declaration comprises a credit to

a) Retained Earnings of $225,000.
b) Paid-in Capital in Excess of Par for $150,000.
c) Common Stock for $225,000.
d) Retained Earnings for $75,000.

5. Statement of cash flows is a(n)

a) required supplemental financial statement.
b) required basic financial statement.
c) optional basic financial statement.
d) optional supplementary statement.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921719

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