The purchase of long-term assets by issuing a note payable for the entire amount is reported on the statement of cash flows in the:
A. Operating activities.
B. Investing activities.
C. Reconciliation of cash balance.
D. Financing activities.
E. Schedule of noncash financing and investing activities.
Answer: E
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Comprehensive income as defined by the FASB
a. must be reported on the face of the income statement. b. includes all changes in equity during a period except those resulting from investments by and distributions to owners. c. is the net change in owners' equity for the period. d. means the same as net income. e. None of these answer choices is correct.
Any unamortized premium should be reported on the balance sheet of the issuing corporation as
A) a direct deduction from the face amount of the bonds in the liability section B) as paid-in capital C) a direct deduction from retained earnings D) an addition to the face amount of the bonds in the liability section
What are the elements necessary to create a bailment?
What will be an ideal response?
Which of the following is not a specialized form of business association?
A) joint stock company B) syndicate C) joint venture D) racket