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1. A Introductory Financial Accounting ACCT253 > Chapter 11 Terms > Flashcards

Chapter 11 Terms Flashcards

1
Q

What are the four financial statements?

A
  1. balance sheet
  2. income statement
  3. statement of changes in equity
  4. statement of cash flows (SCF)
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2
Q

SCF

A

statement of cash flows

identifies the sources and uses of cash during the accounting period

sources = inflows
uses = outflows

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3
Q

What are the three things SCF describes?

A
  1. financing activities
  2. investing activities
  3. operating activities
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4
Q

cash in SCF

A

includes cash equivalents: assets that can be quickly converted into a known amount of cash (including short-term investments provided they are not too risky or have too much change in value)

  • in this class if the investment has a maturity of three months or less from the date of acquisition, it will be considered cash
  • these particularities must be disclosed on the SCF or in a note to the financial statements
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5
Q

The statement of cash flows converts accrual net income to a ___________________

A

cash basis net income

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6
Q

11.2 why are the adjustments made? page 3

A

must read this again on a day when I am ready to absorb it

this is page 3 of lesson 11.2

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7
Q

Cash flows from investing activities

A

cash proceeds from sale of non-current assets $
cash paid to purchase non-currant assets $
net cash inflow/outflow from investing activities $

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8
Q

Financing activities

A

Cash flows from financing activities:
- cash proceeds from the issuance of shares $
- cash paid for repurchase of shares $
- cash proceeds from borrowings $
- cash repayments of borrowings $
- cash paid for dividends $
Net cash inflow/outflow from financing activities $

Notice that cash received from dividends is not included

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9
Q

Noncash investing; what is special about it?

A

must be disclosed either in a note to the financial statements or in a schedule on the SCF

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10
Q

Noncash investing; what is special about it?

A

must be disclosed either in a note to the financial statements or in a schedule on the SCF

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11
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

Paid interest on outstanding bonds

A

operating

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12
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

issued common shares for cash

A

financing

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13
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

change in accumulated depreciation

A

operating

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14
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

common shares were sold for cash

A

financing

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15
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

received interest on investment

A

operating

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16
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

sold delivery equipment at a loss

A

investing

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17
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

change in equipment account

A

investing

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18
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

preferred shares were converted into common shares

A

noncash financing and investing

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19
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

received interest on investment

A

operating

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20
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

retirement of debt by issuing shares

A

noncash financing and investing

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21
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

Issued common shares for cash

A

financing

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22
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

paid utilities expense

A

operating

23
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

collected proceeds from sale of long-term investments

A

investing

24
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

change in accounts receivable

A

operating

25
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

sold delivery equipment at a loss

A

investing

26
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

sold delivery equipment at a loss

A

investing

27
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

investment in shares by issuing long-term note payable

A

noncash financing and investing

28
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

Leasing of assets in capital lease transaction

A

noncash financing and investing

29
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

bonds were retired

A

financing

30
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

purchase of furniture by issuing mortgage payable

A

noncash financing and investing

31
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

land was sold at a gain

A

investing

32
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

change in equipment account

A

investing

33
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

machinery was purchased by giving a long-term note to the seller

A

noncash financing and investing

34
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

received payments from customers

A

operating

35
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

paid dividends

A

financing

36
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

change in equipment account

A

investing

37
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

received interest on investment

A

operating

38
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

collected proceeds from sale of long-term investments

A

investing

39
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

exchange of vehicle for building

A

noncash financing and investing

40
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

common shares were sold for cash

A

financing

41
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

paid dividends

A

financing

42
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

land was sold at a gain

A

investing

43
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

common shares were sold for cash

A

financing

44
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

proceeds from sale of land

A

investing

45
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

collected proceeds from sale of long-term investments

A

Investing

46
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

sold delivery equipment at a loss

A

investing

47
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

collected proceeds from the sale of long-term investments

A

investing

48
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

dividends were received on shares of another company held as an investment

A

operating

49
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

paid dividends

A

financing

50
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

change in accrued wages

A

operating

51
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

paid interest on outstanding bonds

A

operating

52
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

Received interest on investment

A

operating

53
Q

Classify the following as operating, investing, financing, or non-cash investing and financing activities:

practice more on p. 7 of 11.2

A
54
Q

Continue on page 8 of 11.2

A

1. A Introductory Financial Accounting ACCT253 (13 decks)

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