Jun 14th, 2016
Studypool Tutor
Price: $10 USD

Tutor description


Word Count: 1156
Showing Page: 1/11
ACC 561 Final Exam1.The statement of cash flows is used for _____.A. showing the relationship of net income to changes in currentassetsB. determining a companys acceptable level of debt financingC. revealing commitments that may restrict future courses ofactionD. evaluating the creditworthiness of the organization2.Nonoperating items on the income statement _____.A. appear only on corporate income statementsB. appear on the income statement immediately after gross profitC. are revenues and expenses arising from adjusting entriesD. reflect the effects of financial management decisions3.The difference between a single-step and multiple-stepincome statement is that a single-step income statement _____.A. groups all revenues together and all expenses together, whereasa multiple-step income statement separates certain revenues andexpenses from each other and presents subtotalsB. calculates net income using one method, whereas a multiplestep income statement calculates net income using two or moremethodsC. calculates gross profit and operating income, whereas amultiple-step income statement does notD. shows only 1 year's net income, whereas a multiple-step incomestatement shows multiple years' net income4.Which one of the following statements is true?A. The statement of cash flows reports the cash receipts but notcash payments of an entity over a period of time.B. Both the statement of cash flows and the income statementdetermine the net income for

Review from student

Studypool Student
" Tutor was very helpful and took the time to explain concepts to me. Very responsive, managed to get replies within the hour. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors