Chapter 7, Problem 7.1E

Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Disclosure of interest and income taxes paid if the indirect method is used. 2. Primary objectives of a statement of cash flows. 3. Disclosure of noncash investing and financing activities.

Can you give some explanation of why Amortization Expense is included as a source of cash in a cash flow statement?

Which of the following method will be adopted to disclose Cash equivalents in the balance sheet? a. Fair value. b. Relevant cost. c. Market price. d. Historical cost.

Identify the asset from the following? A. Cash and Cash equivalents B. Creditors

In addition to the three basic financial statements, which of the following is also a required financial statement? (C17L01) Select one a the Statement of Cash Flows Ob. the "Cash Reconciliation" the "Cash Budget" d. the Statement of Cash eflows and Outflows

Discuss the recognition, measurement and disclosures for 'cash' as per accounting standards

What is unique about reporting current assets? Current assets are reported after they are converted into cash Current assets are reported in the order of their liquidity Current assets are reported net of depreciation Current assets are reported from highest to lowest

Explain the impact of the collection of these receivables on the Financial Statements.

Read CA23-5 found in the end of chapter materials of Chapter 23 and answer the related questions. CA23-5.   (Purpose and Elements of SCF) GAAP requires the statement of cash flows be presented when financial statements are prepared. Instructions (a)   Explain the purposes of the statement of cash flows. (b)   List and describe the three categories of activities that must be reported in the statement of cash flows. (c)   Identify and describe the two methods that are allowed for reporting cash flows from operations. (d)   Describe the financial statement presentation of noncash investing and financing transactions. Include in your description an example of a noncash investing and financing transaction.