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Question:73 The statement of cash flows for Picture Perfect Photography reported the following for the year ended December 31, 2014: Cash flows from financing activities: Dividends (declared and) paid -$8,000 Proceeds from issuance of common shares 14,200 Payments of short-term notes payable (6,700) (1,350) 2,800 Payments of long-term notes payable Proceeds from issuance of long-term notes payable Make the journal entry that Picture Perfect used to record each of these transactions. Which of the following statements is true of managerial accounting? a. The external stakeholders of a company are the primary users of managerial accounting. b. Managerial accounting information is used to help managers plan and control their operations. c. An external audit by an independent CPA is required for managerial accounting information. d. Managerial accounting information must comply with generally accepted accounting principles. Determine the term being described by the following statement: Agreement to pay stipulated amounts periodically to the donor of assets by the recipient organization. a. Term endowments b. Annuity agreements c. Collections d. Pooled life income agreements e. Spending rate f. Total return

Question:73 The statement of cash flows for Picture Perfect Photography reported the following for the year ended December 31, 2014: Cash flows from financing activities: Dividends (declared and) paid -$8,000 Proceeds from issuance of common shares 14,200 Payments of short-term notes payable (6,700) (1,350) 2,800 Payments of long-term notes payable Proceeds from issuance of long-term notes payable Make the journal entry that Picture Perfect used to record each of these transactions. Which of the following statements is true of managerial accounting? a. The external stakeholders of a company are the primary users of managerial accounting. b. Managerial accounting information is used to help managers plan and control their operations. c. An external audit by an independent CPA is required for managerial accounting information. d. Managerial accounting information must comply with generally accepted accounting principles. Determine the term being described by the following statement: Agreement to pay stipulated amounts periodically to the donor of assets by the recipient organization. a. Term endowments b. Annuity agreements c. Collections d. Pooled life income agreements e. Spending rate f. Total return

FINANCIAL ACCOUNTING
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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Question:73 The statement of cash flows for Picture Perfect Photography reported the following for the year ended December 31, 2014: Cash flows from financing activities: Dividends (declared and) paid -$8,000 Proceeds from issuance of common shares 14,200 Payments of short-term notes payable (6,700) (1,350) 2,800 Payments of long-term notes payable Proceeds from issuance of long-term notes payable Make the journal entry that Picture Perfect used to record each of these transactions. Which of the following statements is true of managerial accounting? a. The external stakeholders of a company are the primary users of managerial accounting. b. Managerial accounting information is used to help managers plan and control their operations. c. An external audit by an independent CPA is required for managerial accounting information. d. Managerial accounting information must comply with generally accepted accounting principles. Determine the term being described by the following statement: Agreement to pay stipulated amounts periodically to the donor of assets by the recipient organization. a. Term endowments b. Annuity agreements c. Collections d. Pooled life income agreements e. Spending rate f. Total return
Transcribed Image Text:Question:73 The statement of cash flows for Picture Perfect Photography reported the following for the year ended December 31, 2014: Cash flows from financing activities: Dividends (declared and) paid -$8,000 Proceeds from issuance of common shares 14,200 Payments of short-term notes payable (6,700) (1,350) 2,800 Payments of long-term notes payable Proceeds from issuance of long-term notes payable Make the journal entry that Picture Perfect used to record each of these transactions. Which of the following statements is true of managerial accounting? a. The external stakeholders of a company are the primary users of managerial accounting. b. Managerial accounting information is used to help managers plan and control their operations. c. An external audit by an independent CPA is required for managerial accounting information. d. Managerial accounting information must comply with generally accepted accounting principles. Determine the term being described by the following statement: Agreement to pay stipulated amounts periodically to the donor of assets by the recipient organization. a. Term endowments b. Annuity agreements c. Collections d. Pooled life income agreements e. Spending rate f. Total return
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