Which of the following line items of the statement of cash flows must be obtained from the income statement?
A) accruals in current liabilities
B) interest expenses
C) accounts receivable
D) cash dividends paid on both preferred and common stocks
B
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A pension plan which requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed
A) funded B) unfunded C) defined benefit D) defined contribution
A minor buys a car and continues to drive the car for a reasonable time after reaching majority
This action would constitute a(n): A) Implied ratification. B) Constructive disaffirmance. C) Express disaffirmance. D) Express ratification. E) Implied disaffirmance.
Where a partnership agreement does not specify how profits and losses are to be shared, in a
limited partnership they would be shared equally. Indicate whether the statement is true or false
Preparation of the statement of cash flows does not involve:
A. Computing and reporting net cash provided or used by financing activities. B. Computing the profit compared to the net increase or decrease in cash. C. Computing and reporting net cash provided or used by operations. D. Computing and reporting net cash provided or used by investing activities. E. Computing the net increase or decrease in cash.