Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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Question:73
The statement of cash flows for Picture Perfect
Photography reported the following for the year ended
December 31, 2014:
Cash flows from financing activities:
Dividends (declared and) paid
-$8,000
Proceeds from issuance of common shares
14,200
Payments of short-term notes payable
(6,700)
(1,350)
2,800
Payments of long-term notes payable
Proceeds from issuance of long-term notes payable
Make the journal entry that Picture Perfect used to record
each of these transactions.
Which of the following statements is true of managerial
accounting?
a. The external stakeholders of a company are the primary
users of managerial accounting.
b. Managerial accounting information is used to help
managers plan and control their operations.
c. An external audit by an independent CPA is required for
managerial accounting information.
d. Managerial accounting information must comply with
generally accepted accounting principles.
Determine the term being described by the following
statement: Agreement to pay stipulated amounts
periodically to the donor of assets by the recipient
organization.
a. Term endowments
b. Annuity agreements
c. Collections
d. Pooled life income agreements
e. Spending rate
f. Total return
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Transcribed Image Text:Question:73 The statement of cash flows for Picture Perfect Photography reported the following for the year ended December 31, 2014: Cash flows from financing activities: Dividends (declared and) paid -$8,000 Proceeds from issuance of common shares 14,200 Payments of short-term notes payable (6,700) (1,350) 2,800 Payments of long-term notes payable Proceeds from issuance of long-term notes payable Make the journal entry that Picture Perfect used to record each of these transactions. Which of the following statements is true of managerial accounting? a. The external stakeholders of a company are the primary users of managerial accounting. b. Managerial accounting information is used to help managers plan and control their operations. c. An external audit by an independent CPA is required for managerial accounting information. d. Managerial accounting information must comply with generally accepted accounting principles. Determine the term being described by the following statement: Agreement to pay stipulated amounts periodically to the donor of assets by the recipient organization. a. Term endowments b. Annuity agreements c. Collections d. Pooled life income agreements e. Spending rate f. Total return
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