ACC 290 Orion WileyPLUS Build Your Proficiency Chapter 1 thru 13 Financial Accounting 7e Ch 1: Introduction to Financial Statements  Q 1.1: What is the primary purpose of the statement of cash flows? A to report a company's financing transactions B to present information about a company's assets and liabilities C to provide information about cash receipts and cash payments D to report how much revenue was retained in the business for future growth  Q 1.2: Which financial statement summarizes the financial position of a company? A statement of cash flows     B balance sheet C income statement D retained earnings statement Q 1.3: Which financial statement provides information for a specific point in time? A balance sheet B statement of cash flows C retained earnings statement D income statement Q 1.4: The  reports revenues and expenses and resulting net income or less for a period in time. . (income statement correct answer) Q 1.5: The income statement does not report cash received from the sale of stock because it is not considered revenue. A True B False    Q 1.6: Torres Travel’s stockholders' equity at the beginning of March 2014 was $200,000. During the month, the company earned net income of $50,000 and paid dividends of $10,000. At the end of March 2014, what is the amount of stockholders' equity? A $260,000 B $200,000 C $150,000 D $240,000 Q 1.7: According to the basic accounting equation,       (ass ...
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