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15) Which of the following items is a current liability?
16) A company borrows $10,000 and signs a 90-day nontrade note
payable. In preparing a statement of cash flows (indirect method), this
event would be reflected as
17) An increase in inventory balance would be reported in a statement of
cash flows using the indirect method (reconciliation method) as
18) The primary purpose of the statement of cash flows is to provide
information
19) Eller Co. received merchandise on consignment. As of January 31,
Eller included the goods in inventory, but did not record the transaction.
What would be the effect of this on its financial statements for January
31?
20) Cross Co. accepted delivery of merchandise that it purchased on
account. As of December 31, Cross had recorded the transaction, but did
not include the merchandise in its inventory. What would be the effect of
this on its financial statements for December 31?
21) The failure to record a purchase of merchandise on account even
though the goods are properly included in the physical inventory results
in
22) Fences and parking lots are reported on the balance sheet as
23) Which of these is not a major characteristic of a plant asset?