The following items were reported on the balance sheets and income statement for the Flying Mullet Company: Accounts receivable, December 31, 2015 $ 85,000 Accounts receivable, December 31, 2016 98,000 Sales—2016 750,000 How would the change in accounts receivable be reported in the operating activities section of the statement of cash flows under the indirect method?
a. As an addition to sales
b. As a deduction from sales
c. As an addition to net income
d. As a deduction from net income
d
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Which department prepares the bill of lading?
a. sales b. warehouse c. shipping d. credit
Which of the following is not a true statement?
a. There is empirical evidence that future cash flows are better forecasted with accrual data than with cash flow data. b. Accrual accounting numbers incorporate the attribute that determines firm valuation-net cash flow data. c. Changes in reported accounting earnings affect firm valuation through changes in stock prices. d. The value to investors of the information in financial reporting lies in its role as an historical record.
Research on brainstorming shows:
a. it is the best way to enhance group creativity. b. it is superior to individuals working alone. c. it is not superior to individuals working alone. d. traditional brainstorming is more effective than virtual brainstorming.
For tariff purposes, goods entering the US are classified according to the Federal Customs and Tariff Code
Indicate whether the statement is true or false