TEST 1

Question 1

Statement Of Cash Flows Accounts

Answer 1

• Operating
• Investing
• Financing
• Net Cash
• Beg Cash
• End Cash

Question 2

Statement of Cash Flows Calculations

Answer 2

• Subtract operating from investing (investing will be negative, otherwise add)
• Add financing
• Subtract a decrease in cash by beginning cash to get ending cash

Question 3

Cash Flows From Operating

Answer 3

• Net Income
• Depreciation
• A/R
• A/P
• Inventory
• Wages Payable

Question 4

If A/R decreases, you must ______.

Answer 4

Add

Question 5

If A/P decreases, you must _______.

Answer 5

Subtract

Question 6

If Inventory increases, you must _________.

Answer 6

Subtract.

Question 7

If Wages Payable increases then you must ________.

Answer 7

Add

Question 8

Cash Flows From Investing

Answer 8

Purchase of building

Question 9

If you purchase a building, you must ______.

Answer 9

Subtract

Question 10

Cash Flows From Financing

Answer 10

• Long-Term Note Payable
• Issue of Common Stock
• Dividend

Question 11

A long term note and dividends must be _______.

Answer 11

Subtracted

Question 12

Issuance of common stock must be ______.

Answer 12

Added

Question 13

Cost of Goods

Answer 13

• Raw
• COGM
• COGS

Question 14

Raw Materials

Answer 14

Beg Raw + Purchased - Ending Raw = Raw Used

Question 15

Cost of Goods Manufactured

Answer 15

Beg WIP + RM USED + Direct Labor + Overhead = Total Manufacturing

Total Manufacturing - Ending WIP = COGM

Question 16

Cost of Goods Sold

Answer 16

Beg Fin + COGM = Available

Available - Ending Inventory = COGS