On the statement of cash flows, the proceeds from the sale of equipment would be classified as:
a. an investing activity.
b. an operating activity.
c. a financing activity.
d. either an investing, operating, or financing activity.
ANSWER: A
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The composite depreciation method
a. is applied to a group of homogeneous assets. b. is an accelerated method of depreciation. c. does not recognize gain or loss on the retirement of specific assets in the group. d. excludes salvage value from the base of the depreciation calculation.
The great antecedent to change is certainty
Indicate whether the statement is true or false.
Which of the following best describes the primary role of auditors in financial reporting?
A. Independent party hired by management to express a professional opinion of the extent to which the company's financial reporting is in compliance with generally accepted accounting principles. B. Consultants that are hired by company management to advise on key matters related to competition, product pricing, employee retention, and financial reporting strategies. C. Key employees of the company that actively participate on the management team in strategic planning, product development, and financial reporting. D. Government employees assigned by local officials to ensure accurate financial reporting and operational integrity by the company.
Explain the concept of media convergence
What will be an ideal response?