On January 1, 2011, Ace Electronics borrowed 40,000 on a five-year, 7 note. The loan will be repaid ...

On January 1, 2011, Ace Electronics borrowed 40,000 on a five-year, 7 note. The loan will be repaid in 5 equal installments of 9,756 each year, beginning on December 31, 2011.

On its statement of cash flows for the year ended December 31, 2011, Ace will show cash paid for interest as ________ activity.
A) (9,756), an operating
B) (2,800), a financing
C) (9,756), a financing
D) (2,800), an operating

(Q. 2) A count of the number of invoices being paid by all of the customer remittances is a type of batch control total called an item or line count.
Indicate whether the statement is true or false

(Q. 3) LIFO is the cost flow method that attaches the last-in costs to the units sold.

Indicate whether the statement is true or false

(Q. 4) A trade discount is often offered by wholesalers.
a. True
b. False
Indicate whether the statement is true or false

(Q. 5) Adjustments are usually made ________.

A) in the accounting period during which deferrals are discovered
B) at the end of the accounting period after the financial statements are prepared
C) in the accounting period when accruals get too large
D) at the end of the accounting period before financial statements are prepared

(Q. 6) Document/record counts are simple counts of the number of documents entered.
Indicate whether the statement is true or false

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On January 1, 2011, Ace Electronics borrowed 40,000 on a five-year, 7 note. The loan will be repaid ...

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