.rsity 6) Which financial statement is the last to be prepared? B) statement of

Question

.rsity 6) Which financial statement is the last to be prepared? B) statement of stockholders' equity C) statement of cash flows D) balance sheet 7) Another name for channel stuffing is_ A) trade stuffing B) trade loading C) channel loading D) trade disclosure 8) Which of the following is classified as an operating activity on a statement of cash flows? A) payment of dividends B) sale of equipmernt C) issuance of common stock D) purchase of inventory 9) On the income statement, is gross profit less all operating A) retained earnings B) net income C) income from continuing operations D) operating income 10) Under IFRS, the impairment loss on a significant asset is the difference between the carrying value of the asset and A) the recoverable amount of the asset B) the fair value of the asset C) the value in use of the asset D) the lesser of the fair value of the asset and its value in use 31Page Anakwe-Intermediate I, Fall 2017 Final Exam

Explanation / Answer

1. C (statement of cash flows)

2. B ( trade loading)

3. D ( purchase of inventory)

4. D ( operating income)

5. B ( fair value of asset)

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