51) Accounts payable would appear on the:
A) income statement with the expenses
B) retained earnings statement with the dividends
C) balance sheet with the current assets
D) balance sheet with the current liabilities
52) When accounting for cash collected from customers, the transaction would appear on the cash flow statement as a(an):
A) operating activity
B) financing activity
C) investing activity
D) activity that would not appear on the cash flow statement.
53) When a repurchase of shares is done by a company it:
A) increases the amount of owners' equity
B) decreases the amount of owners' equity
C) decreases the amount of total liabilities
D) increases the amount of total liabilities
54) All of the following are considered standard financial statements
except
the:
A) statement of earnings
B) statement of assets
C) statement of retained earnings
D) cash flow statement
55) The statement that presents a summary of the revenues and expenses of an entity is called the:
A) balance sheet
B) cash flow statement
C) statement of retained earnings
D) income statement
56) The income statement presents a summary of the:
A) revenues and expenses of an entity for a specific time period
B) assets and liabilities of an entity
C) cash inflows and outflows of an entity
D) changes that occurred in the shareholders' equity of an entity
57) Increases in shareholders' equity arise from:
A) investments by the owner
B) payment of dividends
C) net income earned during the period
D) both investments by the owner and net income earned during the period
58) Purchases and sales of long-term assets are examples of:
A) investing activities
B) dividend activities
C) financing activities
D) operating activities
59) Decreases in shareholders' equity result from:
A) owner investments
B) a net loss during the period
C) a net income during the period
D) owner investments and a net loss during the period
60) The payment of salaries would appear:
A) on the cash flow statement with the operating activities
B) on the balance sheet with the current liabilities
C) on the income statement with the revenues
D) on the income statement as part of cost of goods sold