acc_561_final_exam

Feb 3rd, 2012
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ACC 561 Final Exam1.The statement of cash flows is used for _____.A. showing the relationship of net income to changes in current assetsB. determining a company's acceptable level of debt financingC. revealing commitments that may restrict future courses of actionD. 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-step income statement is that a single-step income statement _____.A. groups all revenues together and all expenses together, whereas a multiple-step income statement separates certain revenues and expenses from each other and presents subtotalsB. calculates net income using one method, whereas a multiple-step income statement calculates net income using two or more methodsC. calculates gross profit and operating income, whereas a multiple-step income statement does notD. shows only 1 year's net income, whereas a multiple-step income statement shows multiple years' net income4.Which one of the following statements is true?A. The statement of cash flows reports the cash receipts but not cash payments of an entity over a period of time.B. Both the statement of cash flows and the income statement determine the net income

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