Question 4 An entity purchased a building and paid partly in equity shares and partly in debentures. The transaction shall be treated as which of the following? A The purchase of the building is investing and the issuance of shares and debentures is financing. (B) The purchase of the building is investing and the issuance of shares and debentures is not reported. с The transaction shall be disclosed only in the notes. The transaction shall be ignored totally. Question 5 The statement of cash flows reports all, except: (A) the net change in cash for the period (B) the cash flows from operations during the period C the free cash flow generated during the period (D) investing transactions Question 6 An entity that changed from cash basis to accrual basis of accounting during the current year should report: A prior period adjustment resulting from the correction of an error. prior period adjustment resulting from the change in accounting policy. (C) component of income from continuing operations. D) component of income from discontinued operations.

Question 4 An entity purchased a building and paid partly in equity shares and partly in debentures. The transaction shall be treated as which of the following? A The purchase of the building is investing and the issuance of shares and debentures is financing. (B) The purchase of the building is investing and the issuance of shares and debentures is not reported. с The transaction shall be disclosed only in the notes. The transaction shall be ignored totally. Question 5 The statement of cash flows reports all, except: (A) the net change in cash for the period (B) the cash flows from operations during the period C the free cash flow generated during the period (D) investing transactions Question 6 An entity that changed from cash basis to accrual basis of accounting during the current year should report: A prior period adjustment resulting from the correction of an error. prior period adjustment resulting from the change in accounting policy. (C) component of income from continuing operations. D) component of income from discontinued operations.

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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