ACC 423 Final Exam Answers
1) The statement of cash flows is used for _____.
A. showing the relationship of net income to changes in current assets
B. determining a company's acceptable level of debt financing
C. revealing commitments that may restrict future courses of action
D. evaluating the creditworthiness of the organization
2) Nonoperating items on the income statement _____.
A. are revenues and expenses arising from adjusting entries
B. include interest income and expense
C. appear only on corporate income statements
D. appear on the income statement immediately after gross profit
3) The difference between a single-step and multiple-step income statement is that a single-step income statement...
Excerpt from file: ACC423FinalExamAnswers 1)Thestatementofcashflowsisusedfor_____. A.showingtherelationshipofnetincometochanges incurrentassets B.determiningacompanysacceptablelevelofdebt financing C.revealingcommitmentsthatmayrestrictfuture coursesofaction D.evaluatingthecreditworthinessoftheorganization
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