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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 ?