Which statement is false? Current GAAP
A) requires that the cash flows from the issuance of stock be reported as a financing activity and not be included in net cash flow from operating activities.
B) does not allow cash flow per share reporting in a company's financial statements.
C) states that under the indirect method, a company must report its operating cash inflows separately from its operating cash outflows.
D) requires that the cash inflows and cash outflows for related investing activities as well as related financing activities be shown separately and not netted against each other.
C
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Quality may be defined as ______.
A. the product’s conformance to design specifications B. the product’s fitness for its unintended use C. the long-term service contract associated with the product D. the product’s usefulness for different applications
Revenue is produced when accounts receivable are collected
Indicate whether the statement is true or false
Erik purchased qualified small business corporation stock on December 1, 2010 and sold it for a $500,000 gain on December 12, 2019. The gain subject to tax is
A. $250,000. B. $125,000. C. $500,000. D. $0.
During the year, Franklin Corporation incurred the following costs in connection with the issuance of bonds: Printing and engraving ................................ $ 30,000 Legal fees ............................................ 160,000 Fees paid to independent accountants for registration information ........................................... 20,000 Commissions paid to underwriter
....................... 300,000 The amount recorded as a deferred charge to be amortized over the term of the bonds is a. $0. b. $30,000. c. $300,000. d. $510,000.