Cash from operating activities includes ________.
A) all cash receipts and all cash disbursements for long-term business assets
B) all cash receipts and all cash disbursements for loans, contributions from owners, and distributions to owners
C) all cash receipts and cash disbursements for routine sales and payments made in the course of doing business
D) detailed estimates of the sources of cash and uses of cash
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Q. 2) _____________________________
_ is the intentional unauthorized access of an organization's computer system, accomplished by bypassing the system's access security controls.
Fill in the blank(s) with correct word
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Q. 3) Which financial statement shows Cash collected from customers?
A) income statement
B) statement of changes in shareholders' equity
C) statement of cash flows
D) balance sheet
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Q. 4) A credit memorandum for 156 (sales price of merchandise, 150; sales tax 6) was issued to a customer for goods returned that had been purchased on account. To enter this transaction properly,
a. Accounts Receivable would be credited for 6.
b. Accounts Receivable would be credited for 150.
c. Accounts Receivable would be credited for 156.
d. Accounts Receivable would not be credited.
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Q. 5) For each event, determine the amount of revenue to be recorded, even if 0, in May.
May
1. In May, Tom contributed 8,000 in exchange for stock in Tom's Wear, Inc.
2. In April, Tom's Wear, Inc.'s customer ordered 1,000 of t-shirts. In May, Tom's Wear delivered the t-shirts and received the cash upon delivery.
3. In April, Tom's Wear, Inc.'s customer ordered 2,000 of t-shirts. Tom's Wear delivered the t-shirts in May and received 2,000 in June.
4. In April, Tom's Wear received 3,000 cash in advance for t-shirts. 2,500 of the t-shirts were delivered on May 1. The remaining 500 of t-shirts were delivered on June l.
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Q. 6) Accompanying the bank statement was a credit memo for a short-term note collected by the bank for thecompany. This item is a(n)
a. deduction from the balance per company's records
b. addition to the balance per bank statement
c. deduction from the balance per bank statement
d. addition to the balance per company's records
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