Which of the following statements about a budgeted Statement of Cash Flow (SCF) is false?
a. The budgeted SCF can be prepared using either the direct or indirect method.
b. The SCF must be divided into the operating, investing, and financing sections.
c. The SCF must be prepared after the income statement.
d. The SCF can be prepared on either a continuous or on a rolling basis.
d
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Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes responsibility for a $75,000 note secured by a mortgage on the property. Monroe invests $100,000 in cash and equipment that has a market value of $55,000. For the partnership, the amounts recorded for the building and for Fontaine's Capital account are:
A. Building $250,000; Fontaine, Capital $175,000. B. Building $250,000; Fontaine, Capital $75,000. C. Building $175,000; Fontaine, Capital $75,000. D. Building $175,000; Fontaine, Capital $175,000. E. Building $250,000; Fontaine, Capital $250,000.
Which of the following approaches to dealing with crisis situations involves developing a plan based on a problematic issue after it arises?
A) passive B) defensive C) subjective D) reactive E) preemptive
Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting entry would be
A) Supplies, debit; Office Equipment, credit. B) Accounts Receivable, debit; Supplies, credit. C) Office Equipment, debit; Supplies Expense, credit. D) Supplies, debit; Accounts Payable, credit.
Which of the following typically shows the hierarchy of components, their description, and the quantity of each required to make one unit of a product?
A) an engineering drawing B) an assembly drawing C) a bill of material D) an assembly chart E) a route sheet