Question 1

An inventory method that assumes a company sells or consumes the goods acquired most recently before any else

Accepted Answer

The answer of An inventory method that assumes a company...

Question 2

An inventory method that assigns the same unit cost to each unit available for sale

Accepted Answer

The answer of An inventory method that assigns the same...

Question 3

An income statement that merely lists all expenses without drawing subtotals

Accepted Answer

The answer of An income statement that merely lists all...

Question 4

An inventory method that assumes a company sells or consumes the goods acquired earliest before any else

Accepted Answer

The answer of An inventory method that assumes a company...

Question 5

A financial statement that explains changes in the retained earnings for a given period

Accepted Answer

The answer of A financial statement that explains changes in...

Question 6

A statement that reports the cash receipts and cash payments of an organization during a particular period

Accepted Answer

The answer of A statement that reports the cash receipts...

Question 7

Net income divided by the average number of common shares outstanding during the year

Accepted Answer

The answer of Net income divided by the average number...

Question 8

The method of preparing a statement of cash flows that reconciles net income to the net cash provided by operating activities

Accepted Answer

The answer of The method of preparing a statement of...

Question 9

The section in the statement of cash flows that lists the cash flow effects of lending and collecting on loans, and acquiring and selling long-term assets

Accepted Answer

The answer of The section in the statement of cash...

Question 10

The three activities of a statement of cash flows

Accepted Answer

The answer of The three activities of a statement of...

Question 11

Separately identifiable additions to a LIFO inventory

Accepted Answer

The answer of Separately identifiable additions to a LIFO inventory...

Question 12

The method for computing cash flows from operating activities that subtracts operating cash disbursements from cash collections to arrive at cash flows from operations

Accepted Answer

The answer of The method for computing cash flows from...

Question 13

Sales less cost of goods sold

Accepted Answer

The answer of Sales less cost of goods sold...

Question 14

The section in the statement of cash flows that lists the cash flow effects of transactions that affect the income statement

Accepted Answer

The answer of The section in the statement of cash...

Question 15

An inventory method in which the current market prices of inventory is compared with its cost and the lower of the two is selected as the inventory amount for financial statement reporting

Accepted Answer

The answer of An inventory method in which the current...

Question 16

An inventory method that recognizes the actual cost paid for each physical item sold

Accepted Answer

The answer of An inventory method that recognizes the actual...

Question 17

The section in the statement of cash flows that lists the cash flow effects of obtaining cash from creditors and owners, repaying creditors or buying back stock from owners, and paying cash dividends

Accepted Answer

The answer of The section in the statement of cash...

Question 18

The "bottom line." The residual amount after deducting from revenues all expenses, including income taxes

Accepted Answer

The answer of The "bottom line." The residual amount after...

Question 19

An income statement that contains one or more subtotals

Accepted Answer

The answer of An income statement that contains one or...

Quiz 16: Understanding Corporate Annual Reports: Basic Financial Statements

An inventory method that assumes a company sells or consumes the goods acquired most recently before any else

An inventory method that assigns the same unit cost to each unit available for sale

An income statement that merely lists all expenses without drawing subtotals

An inventory method that assumes a company sells or consumes the goods acquired earliest before any else

A financial statement that explains changes in the retained earnings for a given period

A statement that reports the cash receipts and cash payments of an organization during a particular period

Net income divided by the average number of common shares outstanding during the year

The method of preparing a statement of cash flows that reconciles net income to the net cash provided by operating activities

The section in the statement of cash flows that lists the cash flow effects of lending and collecting on loans, and acquiring and selling long-term assets

The three activities of a statement of cash flows

Separately identifiable additions to a LIFO inventory

The method for computing cash flows from operating activities that subtracts operating cash disbursements from cash collections to arrive at cash flows from operations

Sales less cost of goods sold

The section in the statement of cash flows that lists the cash flow effects of transactions that affect the income statement

An inventory method in which the current market prices of inventory is compared with its cost and the lower of the two is selected as the inventory amount for financial statement reporting

An inventory method that recognizes the actual cost paid for each physical item sold

The section in the statement of cash flows that lists the cash flow effects of obtaining cash from creditors and owners, repaying creditors or buying back stock from owners, and paying cash dividends

The "bottom line." The residual amount after deducting from revenues all expenses, including income taxes

An income statement that contains one or more subtotals