Please answer all question

Question 11 pts

Which of the following is not an objective of financial reporting?

To provide information that is useful in making investment, credit, and other decisions

To provide information that helps assess the amounts, timing, and uncertainty of future net cash inflows

To provide information that helps identify fraudulent activity

To provide information that portrays the companys resources, obligations, and how effectively the company has used its resources

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Question 21 pts

The matching principle states that companies should

match accounting decisions to the economic events they are describing

recognize expenses in the same period as the revenues they help generate

make consistent accounting estimates from one period to the next

make accounting choices that are consistent with those of other companies

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Question 31 pts

The journal entry to recognize Wages Expense for wages earned by employees but not yet paid by quarter end is a(n)

general journal entry

adjusting journal entry

closing journal entry

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Question 41 pts

Which of the following is NOT one of the roles of the income statement that we discussed in class?

To help evaluate management's past performance

To help predict future company performance

To help determine the company's ability to generate cash flows

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Question 51 pts

XYZ had Revenues of $200,000 during 2015, and its Accounts Receivable increased from $40,000 to $50,000. during 2015. How much cash did XYZ collect from customers during 2015?

$190,000

$200,000

$210,000

Cannot be determined

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Question 61 pts

XYZ had Cost of Goods Sold of $100,000 during 2015, and its Inventory increased from $20,000 to $30,000. during 2015. How much cash did XYZ pay to suppliers during 2015?

$90,000

$100,000

$110,000

Cannot be determined