2. Provide at least one example of an account reported in the income statement that would be dassified as (a) an operating activity. (b) an investing activity, and (c) a financing activity. The format of financial statements varies from country to country. The FASB and IASB propose that financial statements in the future be organized using the same format currently used in the statement of cash flows-operating, investing, and financing activities. This would greatly change the current format used to prepare the income statement and the balance sheet.

2. Provide at least one example of an account reported in the income statement that would be dassified as (a) an operating activity. (b) an investing activity, and (c) a financing activity. The format of financial statements varies from country to country. The FASB and IASB propose that financial statements in the future be organized using the same format currently used in the statement of cash flows-operating, investing, and financing activities. This would greatly change the current format used to prepare the income statement and the balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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