hhfa7ech12tif with Compch.docx
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hhfa7ech12tif with Compch.docx
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hhfa7ech12tifwithCompch
FinancialAccounting,7e
Harrison/Horngren
TestItemFile
Chapter12:
TheStatementofCashFlows
12.1-1Thestatementofcashflowsispresentedasofaspecificdateintime.
Answer:
FalseLO:
12-1Diff:
1EOC:
E12-14
12.1-2Thestatementofcashflowsisusedbythefirm'screditorstoevaluatethefirm'sabilitytopaydividends.
Answer:
FalseLO:
12-1Diff:
1EOC:
E12-14
12.1-3Thestatementofcashflowsreportstheinvestmentsthecompanyismakinginlong-termassets.
Answer:
TrueLO:
12-1Diff:
1EOC:
E12-14
12.1-4Highlyliquidshort-terminvestmentsthatcanbeconvertedintocashquicklyareincludedinthedefinitionofcash.
Answer:
TrueLO:
12-1Diff:
2EOC:
E12-14
12.1-5InvestmentsinU.S.GovernmentTreasurybillsareclassifiedascashequivalents.
Answer:
TrueLO:
12-1Diff:
2EOC:
E12-14
12.1-6Thestatementofcashflowshelpspredictfuturecashflows.
Answer:
TrueLO:
12-1Diff:
2EOC:
E12-14
12.1-7Astatementofcashflows:
A.istypicallypreparedattherequestofmajorcreditors.
B.maybecombinedwiththebalancesheet.
C.maybecombinedwiththeincomestatementattheoptionofmanagement.
D.isabasicfinancialstatementrequiredforpublicly-heldcompanies.
Answer:
DLO:
12-1Diff:
1EOC:
E12-14
12.1-8Highlyliquidshort-terminvestmentsthatareeasilyconvertibleintocasharecalled:
A.cashreserves.
B.accountsreceivable.
C.tradingsecurities.
D.cashequivalents.
Answer:
DLO:
12-1Diff:
1EOC:
E12-14
12.1-9Thestatementofcashflowsisdesignedtofulfillallofthefollowingpurposesexceptto:
A.assessthecollectibilityofaccountsreceivable.
B.showtherelationshipofnetincometochangesinthecompany'scash.
C.helppredictfuturecashflows.
D.evaluatemanagementdecisions.
Answer:
ALO:
12-1Diff:
2EOC:
E12-14
12.1-10Creditorsanalyzethestatementofcashflowstodetermine:
A.whetherornotthecompanycanpayinterestondebt.
B.totalinterestearnedduringtheperiod.
C.thequalityofthecompany'searnings.
D.alloftheabove.
Answer:
ALO:
12-1Diff:
2EOC:
E12-14
12.1-11Whichofthefollowingisconsideredtobeacashequivalent?
A.Commercialpaper
B.Notesreceivable
C.InvestmentsinU.S.GovernmentTreasurybonds
D.Tradingsecurities
Answer:
ALO:
12-1Diff:
2EOC:
E12-14
12.2-1Ifabusinessistoprosperinthefuture,itmustgeneratemostofitscashfromoperatingactivities.
Answer:
TrueLO:
12-2Diff:
2EOC:
P12-50A
12.2-2Changesinlong-termassetsandlong-termliabilitiesarereportedasinvestingactivities.
Answer:
FalseLO:
12-2Diff:
2EOC:
P12-50A
12.2-3Ofthethreetypesofbusinessactivitiesreportedonastatementofcashflows,financingactivitiesarethemostimportantwhenevaluatingabusinessthatisupandrunning.
Answer:
FalseLO:
12-2Diff:
2EOC:
P12-50A
12.2-4Becausetheyrepresentlong-termdecisions,investingactivitiesareregardedasthemostimportantactivitiesonthestatementofcashflows.
Answer:
FalseLO:
12-2Diff:
2EOC:
P12-50A
12.2-5Collectionsonaloanarereportedasfinancingactivitiesonthestatementofcashflows.
Answer:
FalseLO:
12-2Diff:
1EOC:
P12-50A
12.2-6TheindirectmethodofpreparingthestatementofcashflowsispreferredbytheFASBbecauseitclearlyrelatesnetincometonetcashprovidedbyoperatingactivities.
Answer:
FalseLO:
12-2Diff:
2EOC:
E12-15
12.2-7Investmentsthatdonotrequirecashcanbereportedonaseparatescheduleunderthestatementofcashflows.
Answer:
TrueLO:
12-2Diff:
1EOC:
P12-50A
12.2-8Whichofthethreetypesofactivitiesreportedonthestatementofcashflowsisthemostcriticalforevaluatingacompany'sviability?
A.Financingactivities
B.Investingactivities
C.Operatingactivities
D.Allofthesectionsareequallyimportant.
Answer:
CLO:
12-2Diff:
2EOC:
P12-50A
12.2-9Increasesanddecreasesinthelong-termassetsavailabletoacompanyarereportedonthestatementofcashflowsas:
A.investingactivities.
B.financingactivities.
C.operatingactivities.
D.bothoperatingandinvestingactivities.
Answer:
ALO:
12-2Diff:
2EOC:
P12-50A
12.2-10Increasesanddecreasesinthelong-termliabilityaccountsarereportedonthestatementofcashflowsas:
A.investingactivities.
B.operatingactivities.
C.financingactivities.
D.bothoperatingandinvestingactivities.
Answer:
CLO:
12-2Diff:
2EOC:
P12-50A
12.2-11Changesinthecurrentassetandcurrentliabilityaccountsarereportedonthestatementofcashflowsas:
A.operatingactivities.
B.financingactivities.
C.investingactivities.
D.follows—changesinthecurrentassetaccountsarereportedasinvestingactivitiesandchangesincurrentliabilityaccountsarereportedasfinancingactivities.
Answer:
ALO:
12-2Diff:
2EOC:
P12-50A
12.2-12Cashreceivedfromcustomerswouldbereportedonthestatementofcashflows:
A.underoperatingactivities.
B.underinvestingactivities.
C.underfinancingactivities.
D.inthescheduleofnoncashinvestingandfinancingactivities.
Answer:
ALO:
12-2Diff:
1EOC:
P12-51A
12.2-13Cashreceivedfromtheissuanceofbondswouldbereportedonastatementofcashflowsunder:
A.theoperatingactivities.
B.thefinancingactivities.
C.theinvestingactivities.
D.nocategory,becauseissuingbondsforcashwouldnotbereportedonastatementofcashflows.
Answer:
BLO:
12-2Diff:
2EOC:
P12-51A
12.2-14Interestpaidondebtwouldbereportedonastatementofcashflowsunder:
A.theoperatingactivities.
B.thefinancingactivities.
C.theinvestingactivities.
D.nocategory,becauseinterestpaidondebtwouldnotbereportedonastatementofcashflows.
Answer:
ALO:
12-2Diff:
2EOC:
P12-51A
12.2-15Thereceiptofinterestonloanswouldbereportedonastatementofcashflowsunder:
A.thefinancingactivities.
B.theinvestingactivities.
C.theoperatingactivities.
D.nocategory,becauseinterestreceivedonloanswouldnotbereportedonastatement
ofcashflows.
Answer:
CLO:
12-2Diff:
2EOC:
P12-51A
12.2-16Afirm'srevenue-earningactivitiesappearonthestatementofcashflowsas:
A.investingactivities.
B.operatingactivities.
C.financingactivities.
D.bothoperatingandfinancingactivities.
Answer:
BLO:
12-2Diff:
2EOC:
P12-51A
12.2-17Purchasesandsalesofwhichofthefollowingarereportedundertheinvestingactivitiessectionofthestatementofcashflows?
A.Available-for-salesecurities
B.Tradingsecurities
C.Held-to-maturitysecurities
D.Alloftheabove
Answer:
DLO:
12-2Diff:
2EOC:
P12-51A
12.2-18Thepurchaseofheld-to-maturitysecuritieswouldbereportedonastatementofcashflowsas:
A.financingactivities.
B.investingactivities.
C.operatingactivities.
D.nothing—held-to-maturitysecuritieswouldnotbereportedonastatementofcashflows.
Answer:
BLO:
12-2Diff:
2EOC:
P12-51A
12.2-19Acquisitionsoftreasurystockwouldbereportedonastatementofcashflowsas:
A.financingactivities.
B.investingactivities.
C.operatingactivities.
D.eitherinvestingactivitiesoroperatingactivities
Answer:
ALO:
12-2Diff:
2EOC:
P12-51A
12.2-20Thepurchaseoftreasurystockwouldbereportedonastatementofcashflowsasa:
A.cashinflowundertheoperatingactivities.
B.cashoutflowunderthefinancingactivities.
C.cashinflowundertheinvestmentactivities.
D.cashinflowunderthefinancingactivities.
Answer:
BLO:
12-2Diff:
2EOC:
P12-51A
12.2-21Thedeclarationofdividendsbytheboardofdirectorswouldbereportedonastatementofcashflowsas:
A.acashinflowunderthefinancingactivities.
B.nothing—thisactivitywouldnotbereportedonastatementofcashflows.
C.acashoutflowunderthefinancingactivities.
D.acashoutflowundertheinvestingactivities.
Answer:
BLO:
12-2Diff:
2EOC:
P12-51A
12.2-22Whichofthefollowingwouldbereportedonastatementofcashflowsasaninvestingactivity?
A.Purchaseoftreasurystock
B.Saleofequipmentforcash
C.Depreciationexpense
D.Alloftheabove
Answer:
BLO:
12-2Diff:
2EOC:
P12-51A
12.2-23Whichofthefollowingwouldbereportedonastatementofcashflowsasafinancingactivity?
A.Distributionofstockdividend
B.Purchaseoftreasurystock
C.Interestpaidonbondspayable
D.Alloftheabove
Answer:
BLO:
12-2Diff:
2EOC:
P12-51A
12.2-24Whenpreparingastatementofcashflows,thesumofoperatingandinvestingandfinancingactivitiesequalsthe:
A.changeincashfortheperiod.
B.cashinflowfortheperiod.
C.endingcashbalance.
D.netincomeasreportedontheincomestatement.
Answer:
ALO:
12-2Diff:
2EOC:
P12-51A
12.3-1Undertheindirectmethod,depletionexpensemustbeaddedbacktonetincomeundertheoperatingactivities.
Answer:
TrueLO:
12-3Diff:
1EOC:
E12-18
12.3-2Undertheindirectmethod,againonthesaleoflong-termassetsisdeductedfromnetincomeundertheoperatingactivities.
Answer:
TrueLO:
12-3Diff:
2EOC:
E12-18
12.3-3Theindirectmethodofcomputingcashflowsfromoperatingactivitiesbeginswithnetincomeandreconcilesfromnetincometooperatingcashflows.
Answer:
TrueLO:
12-3Diff:
2EOC:
E12-18
12.3-4Undertheindirectmethod,anincreaseinacurrentassetotherthan
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