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ACC 290 Chapter 1 Orion WileyPlus Build your Proficiency
Q 1.1: What is the primary purpose of the statement of cash flows? Q 1.2: Which financial statement summarizes the financial position of a company? Q 1.3: Which financial statement provides information for a specific point in time? Q 1.4: The reports revenues and expenses and resulting net income or less for a period in time. Q 1.5: The income statement does not report cash received from the sale of stock because it is not considered revenue. Q 1.6: Torres Travel’ s stockholders ' equity at the beginning of March 2014 was $ 200,000. During the month, the company earned net income of $ 50,000 and paid dividends of $ 10,000. At the end of March 2014, what is the amount of stockholders ' equity? Q 1.7: According to the basic accounting equation, must equal liabilities plus stockholders ' equity on the balance sheet. Q 1.8: Tonelli Trucking buys a $ 65,000 truck on credit. Which financial statement will be affected by this transaction? Q 1.9: Which of the following financial statements would be included in an annual report? Q 1.10: An independent audit of an annual report must be completed by a Q 1.11: An owner who wants to have limited liability should form which type of business enterprise? Q 1.12: Which of the following statements about accounting information is true? Q 1.13: Which of the following would NOT be considered internal users of accounting information for a company?