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Problem 1: Why is depreciation added to net income in the Operating Activities category of the statement of cash flows when the indirect method is used?
Option 1: Depreciation expense is a negative amount in the Investing Activities section and therefore is a positive amount in the Operating Activities section.Option 2: Depreciation reduced the book value of plant assets and, therefore, must be reported as an investing activity.Option 3: Depreciation was deducted in arriving at net income on the accrual basis of accounting; however, it did not require the use of cash.Option 4: Depreciation provides cash and therefore must be added to net income.
Problem 1: Which of the following statements is not true?
Option 1: Under IFRS, fair market values for intangibles require an active market.Option 2: FASB standards require all research and development costs to be expensed.Option 3: International accounting standards are more flexible in allowing the use of fair market values for intangible assets.Option 4: IFRS require all research and development costs to be expensed.
The fair market calue of 747 aircraft at december 31,2009 is 30,500,000. If the midwest chose to sell the aircraft on this date would it record a gain or loss on sale and if so, how much?
Which are the top three developed countries in respect of each of: (a) share of the world's top 500 companies; (b) number of qualified accountants;
What is the present value of a single cash flow of $25,000received at the end of 10years if we assume a discount rate of 5% annually
The actual variable factory overhead is $32,000. In the current period, 2500 units are produced at a standard time of 2 labor hours per unit. These units require 5,500 actual labor hours. What is the controllable variance?
The following account appears in the ledger after only part of the postings have been completed for July, What was the balance of the factory overhead account
the illinois corp. which maintains a periodic inventory acquired 12000 of merchandise inventory in january of 2012 but
a company that has a fiscal year-end of december 31 1 on october 1 31000 was paid for a one-year fire insurance policy
Suppose your Balance Sheet shows that your current assets $22000 and your current liabilities equal $52000. What would your current ratio be
If a CPA firm is being sued for common law fraud by a third party based upon materially false financial statements, which of the following is the best defense.
Journalize Badger's purchase of the stock, receipt of dividends, and adjusting entry for the equity loss in Crest Co. stock
lambson inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of
the employees to receive benefits is 15 years. What is the amount of amortization to pension expense for the year
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