Reference no: EM132628310
Question 1: The purchase of an office building by issuing long-term notes payable should be reported as a
a. cash outflow in the financing section of the statement of cash flows.
b. cash outflow in the investing section of the statement of cash flows.
c. cash outflow in the operating section of the statement of cash flows.
d. noncash investing and financing activity.
e. none of the options listed
Question 2: If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:
a. net loss of $35,000
b. net income of $35,000
c. net income of $14,000
d. net loss of $14,000
e. none of the options listed
Question 3: The deferred income tax liability:
a. Represents income tax payments that are deferred until future years because of temporary
differences between GAAP rules and tax accounting rules.
b. Is a contingent liability.
c. Can result in a deferred income tax asset.
d. Is never recorded.
e. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.
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