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  1. During the year, Deltech Inc. acquired a long-term productive asset for $5,000 and also borrowed $10,000 from a local bank. These transactions should be reported on Deltech’s Statement of Cash Flows as

  2. All of the following are limitations of the balance sheet except that

  3. All of the following are limitations to the information provided on the statement of financial position except the

  4. A company uses the calendar year as its financial results reporting time period. On May 31 of the prior year, the company committed to a plan to sell a line of business. The sale represents a strategic shift that will have a major effect on the company's operations and financial results. For the period January 1 through May 31of the prior year, the line of business had revenues of $1,000,000 and expenses of $1,600,000. The assets of the line of business were sold on November 30, at a loss for which no tax benefit is available. In its income statement for the year ended December 31of prior year, how should the company report the line of business operations from January 1 through May 31?

  5. Which one of the following should be classified as an operating activity on the statement of cash flows?