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Financial Accounting Unit 3 Exam Questions and Complete Solutions Graded A+
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Financial Accounting Unit 3 Exam Questions and Complete Solutions Graded A+
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FinancialAccounting Unit 3
Exam Questions
and Complete
Solutions Graded
Denning [Date] [Course title]
, Which of the following accounts would be classified
under current assets on the balance sheet? - Answer: Notes Receivable - 1 year
Which of the following statements is false: - Answer: Outstanding shares are shares that have been
repurchased by the corporation
Which of the following accounts would be classified under current liabilities on the balance sheet? -
Answer: Current Portion of Long-Term debt
Which of the following would be classified as a noncurrent asset ? - Answer: Land and Equipment
Marketable Securities is categorized as a(an) - Answer: current asset.
Royer Corporation engaged in this transaction: Collected accounts receivable.
Indicate which section, if any, the above transaction would appear in, or relate to, on a statement of
cash flows. - Answer: Operating activities section
Royer Corporation engaged in this transaction: Earned dividend income
Indicate which section, if any, the above transaction would appear in, or relate to, on a statement of
cash flows. - Answer: Operating activities section
Royer Corporation engaged in this transaction: Issued a bond
Indicate which section, if any, the above transaction would appear in, or relate to, on a statement of
cash flows. - Answer: Financing section
Treasury Stock is an example of - Answer: a contra equity.
The financial statement indicating the profitability of the business for a period of time is the - Answer:
Income Statement
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