During the financial year, Cresswell Limited had a cost of sales amounting to $260 000. Beginning and ending balances of balance sheet related accounts were: Beginning balance Ending balance $\begin{array} { l l l } & \text { Beginning balance } & \text { Ending balance } \\ > \text { Inventory } & \$ 46000 & \$ 55000 \\ > \text { Accounts Payable } & \$ 18000 & \$ 26000 \end{array}$ A discount of $2000 for prompt payment was received. The amount of cash paid for goods purchased during the year was:

A) $259 000 B) $263 000 C) $275 000 D) $279 000. A) $259 000 B) $263 000 C) $275 000 D) $279 000. A

Use the following information to answer questions A company reported the following information for a financial year: $\begin{array}{lr} \text { Profit from ordinary activities before incometax expense } & 72,000 \\ \text { Income tax expense } & 20,000 \\ \text { Depreciation expense } & 8,000 \\ \text { Issue of shares } & 40,000 \\ \text { Loan made to another company } & 6,000 \\ \text { Increase in accounts receivable } & 1,000 \\ \text { Decrease in inventories } & 2,000 \\ \text { Cash received from loans receivable } & 4,000 \\ \text { Dividends paid } & 2,000 \end{array}$ -What is the net cash inflow (outflow) from financing activities?

A) $38 000 net cash inflow B) $40,000 net cash inflow C) $42,000 net cash inflow D) $(2000) net cash outflow. A) $38 000 net cash inflow B) $40,000 net cash inflow C) $42,000 net cash inflow D) $(2000) net cash outflow.

Use the following information to answer questions A company reported the following information for a financial year: $\begin{array}{lr} \text { Profit from ordinary activities before incometax expense } & 72,000 \\ \text { Income tax expense } & 20,000 \\ \text { Depreciation expense } & 8,000 \\ \text { Issue of shares } & 40,000 \\ \text { Loan made to another company } & 6,000 \\ \text { Increase in accounts receivable } & 1,000 \\ \text { Decrease in inventories } & 2,000 \\ \text { Cash received from loans receivable } & 4,000 \\ \text { Dividends paid } & 2,000 \end{array}$ -What is the net cash inflow from operating activities?

A) $45 000 B) $59 000 C) $60 000 D) $61 000. A) $45 000 B) $59 000 C) $60 000 D) $61 000.

Exam 20: Statement of Cash Flows

Katsis Limited had the following cash flows during the reporting period: ? Purchase of intangibles $30 000 ? Proceeds from sale of plant $28 000 ? Receipts from customers $832 000 ? Payments to suppliers $593 000 ? Interest received $17 600 ? Income taxes paid $45 500 The net cash flows from operating activities was:

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

Items classified as financing activities on an entity's Statement of Cash Flows are usually associated with:

Free

(Multiple Choice)

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Question 2

Correct Answer:

Verified

During the financial year, Cresswell Limited had a cost of sales amounting to $260 000. Beginning and ending balances of balance sheet related accounts were: Beginning balance Ending balance Beginning balance Ending balance > Inventory \ 46000 \ 55000 > Accounts Payable \ 18000 \ 26000 A discount of $2000 for prompt payment was received. The amount of cash paid for goods purchased during the year was:

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

The components of cash and cash equivalents:

(Multiple Choice)

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Question 4

During the financial year Sugianto Limited had sales of $42 000. The opening balance of accounts receivable was $9000, and the closing balance was $12 700. Bad debts amounting to $700 were written off during the period. The cash receipts from sales during the year amounted to:

(Multiple Choice)

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Question 5

AASB 107 Statement of Cash Flows, requires that investing and financing transactions that do NOT require the use of cash or cash equivalents should be:

(Multiple Choice)

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Question 6

Which of the following descriptions best describes cash flows from investing activities? Those activities that relate to:

(Multiple Choice)

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Question 7

The following information was extracted from the records of Ustinof Limited Opening balance of Equipment, $360 000 Closing balance of Equipment, $400 000 Cost of new Equipment, $80 000 Proceeds from sale of Equipment, $6000 (Cost $40 000; Carrying amount $10 000) The total cash flows from investing activities is determined as

(Multiple Choice)

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Question 8

The following item is classified as part of 'investing activities' in the Statement of Cash Flows:

(Multiple Choice)

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Question 9

Which of the following items is classified as part of 'operating activities' in the Statement of Cash Flows?

(Multiple Choice)

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Question 10

Use the following information to answer questions A company reported the following information for a financial year: Profit from ordinary activities before incometax expense 72,000 Income tax expense 20,000 Depreciation expense 8,000 Issue of shares 40,000 Loan made to another company 6,000 Increase in accounts receivable 1,000 Decrease in inventories 2,000 Cash received from loans receivable 4,000 Dividends paid 2,000 -What is the net cash inflow (outflow) from financing activities?

(Multiple Choice)

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Question 11

AASB 107 encourages, but does NOT require, the disclosure of: I the amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments, indicating any restrictions on the use of these facilities II the aggregate amount of cash flows that represent increases in operating capacity separately from those cash flows that are required to maintain operating capacity III the amount of the cash flows arising from the operating, investing and financing activities of each reportable segment IV the name(s) of the entity's bankers

(Multiple Choice)

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Question 12

Use the following information to answer questions A company reported the following information for a financial year: Profit from ordinary activities before incometax expense 72,000 Income tax expense 20,000 Depreciation expense 8,000 Issue of shares 40,000 Loan made to another company 6,000 Increase in accounts receivable 1,000 Decrease in inventories 2,000 Cash received from loans receivable 4,000 Dividends paid 2,000 -What is the net cash inflow from operating activities?

(Multiple Choice)

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Question 13

The basis of measurement used in the Statement of Cash Flows is:

(Multiple Choice)

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Question 14

Operating activities on a Statement of Cash Flows are generally associated with:

(Multiple Choice)

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Question 15

For cash flow reporting purposes, operating activities include:

(Multiple Choice)

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Question 16

Which of the following items would be presented in a Statement of Cash Flows?

(Multiple Choice)

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Question 17

The following item is classified as a 'financing activity' in the Statement of Cash Flows:

(Multiple Choice)

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Question 18

During the financial year Marina Limited had sales of $720 000. The beginning balance of accounts receivable was $103 000, and the ending balance was $139 000. Bad debts amounting to $34 000 were written off during the period. The cash receipts from customers during the year amounted to:

(Multiple Choice)

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Question 19

According to AASB 107 Statement of Cash Flows, which of the following items does NOT fall within the definition of cash?

(Multiple Choice)

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Question 20

Showing 1 - 20 of 30

Exam 20: Statement of Cash Flows

Items classified as financing activities on an entity's Statement of Cash Flows are usually associated with:

The components of cash and cash equivalents:

During the financial year Sugianto Limited had sales of $42 000. The opening balance of accounts receivable was $9000, and the closing balance was $12 700. Bad debts amounting to $700 were written off during the period. The cash receipts from sales during the year amounted to:

AASB 107 Statement of Cash Flows, requires that investing and financing transactions that do NOT require the use of cash or cash equivalents should be:

Which of the following descriptions best describes cash flows from investing activities? Those activities that relate to:

The following item is classified as part of 'investing activities' in the Statement of Cash Flows:

Which of the following items is classified as part of 'operating activities' in the Statement of Cash Flows?

The basis of measurement used in the Statement of Cash Flows is:

Operating activities on a Statement of Cash Flows are generally associated with:

For cash flow reporting purposes, operating activities include:

Which of the following items would be presented in a Statement of Cash Flows?

The following item is classified as a 'financing activity' in the Statement of Cash Flows:

During the financial year Marina Limited had sales of $720 000. The beginning balance of accounts receivable was $103 000, and the ending balance was $139 000. Bad debts amounting to $34 000 were written off during the period. The cash receipts from customers during the year amounted to:

According to AASB 107 Statement of Cash Flows, which of the following items does NOT fall within the definition of cash?

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Shareholders Equity: Share Capital and Reserves

Fair Value Measurement

Revenue

Provisions, Contingent Liabilities and Contingent Assets

Income Taxes

Financial Instruments

Share-Based Payments

Translation of the Financial Statements of Foreign Entities

Employee Benefits

Inventories

Property, Plant and Equipment

Leases

Understanding Australian Accounting Standards

Impairment of Assets

Accounting for Mineral Resources

Agriculture

Financial Statement Presentation

Earnings Per Share

Operating Segments

Operating Segments

Business Combinations

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Consolidation: Non Controlling Interest

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