ACC 104 - Financial Accounting II

ACC 104 Financial Accounting II SPECIAL ASSESSMENT PART 1. SELECTED/ SHORT RESPONSE PPE, buildings are depreciated because these are long-term tangible assets. True or False? 2- The amount Of an obligation must be known in advance to be considered a liability. True or False? 3 The account Share capital" appears on the balance sheet with other paid-in capital accounts. True or False? 4. The statement of cash helps to predict future cash flows. True or False? 5- The statement of cash flows shows the relationship of net incometocash True or False? B- MULTIPLE CHOICE: I-Which Of the following statements iS TRUE? A) does not depreciate; natuQl resources depreciated. B) does depreciate: buildings depriate, and Cl not a used the e business are called: A' Intangible assets. B) Natural resources. C) PPE_ D) Goodwill. 3 Which Of the following depredation methods best to those as*tS that generate greater revenue earlier in their useful life: A) Straight-Line method. 8) Depletion method. C) Balance method. D) Unit-of-production method. 4 The category of cash flows that creates revenues, gains, and losses is: A1 Financing activities. Investing activities. C) Operating activities. D) All of the above. 5 Obligation that are beyond one year or after the company's normal operating cycle if longer than one year are: A) Current Liabilities. B) Estimate Liabilities. C) Long-term liabilities. O) Current portion Of long term debt.