Question 32 (7 marks) answer the following multiple choice questions with the most correct answer

Which of the following transactions would decrease the cash from operating activities? O the payment of dividends O the sale of goods on account O the purchase of goods on account O the payment of wages The main objective of IFRS and ASPE is O to ensure compliance with the income tax act. O to protect shareholder investment. O to produce financial reporting that is useful for financial statement users. O to provide specific guidelines for publicly traded companies. a The purchase of land for a combination of cash and issuance of shares would require which of the following entries? O Dr. Land, Cr. Common shares, Cr. Cash O Dr. Cash, Dr. Common shares, Cr. Land O Dr. Land, Cr. Cash, Dr. Common Shares O Dr. Cash, Cr. Land, Cr. Common shares Which of the following statements about accumulated depreciation is not true? O It is a contra asset account. O It records the portion or how much of the asset has been used up. O It is reflected on the Statement of Financial Position. O It helps determine how much an asset can be sold for. Which statement regarding adjusting entries is not true? O Adjusting entries are made at the end of the accounting period. O Adjusting entries can include cash transactions. O Adjusting entries are required for accrual accounting. O The recognition of depreciation expense is a deferral. The chart of accounts is O static O dynamic O not generally useful O contains only permanent accounts Which of the following would be the adjusting entry to record accrued interest on a loan made to the business at the end of an accounting period? O Dr. Interest expense, Cr. Cash O Dr. Interest expense, Cr. Interest payable O Dr. Interest payable, Cr. Interest income Dr. Interest payable, Cr. Cash