Instructions
$1,000,000
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B - correct answer
A - answer
C - answer
D - answer
B - correct answer
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The Prizes
1 - $100
2 - $200
3 - $500
4 - $1,000
5 - $2,000
6 - $4,000
7 - $8,000
8 - $16,000
9 - $32,000
10 - $64,000
11 - $125,000
12 - $250,000
13 - $500,000
14 - $1,000,000
Lifelines
$100
The sections found in the statement of cash flows (in the correct order) are:
B – Operating, Investing, Financing
A – Operating, Financing, Investing
C – Noncash, Investing, Financing
D – Operating, Investing, Noncash
B – Operating, Investing, Financing
$200
The purchase of equipment with cash would appear under which section on the statement of cash flows?
B - Investing
A - Operating
C - Financing
D – Noncash investing & financing
B - Investing
$500
The purchase of treasury stock with cash would appear on which section on the statement of cash flows?
B - Investing
A - Operating
C - Financing
D – Noncash investing & financing
C - Financing
$1,000
The payment of interest on a company loan would be found under which section of the statement of cash flows?
B - Investing
A - Operating
C - Financing
D – Noncash Investing & Financing
A - Operating
$2,000
The redemption of bonds with common stock would appear on which section of the statement of cash flows?
B - Investing
A - Operating
C - Financing
D – Noncash Investing & Financing
D – Noncash Investing & Financing
$4,000
Complete the phrase:
“Adjustments to reconcile …”
B – net income to accrual income
A –net cash to net income from operating activities
C – net income to net cash provided by operating activities
D – cash to cash equivalents
C – net income to net cash provided by operating activities
$8,000
Identify the item to be subtracted on the statement of cash flows:
B – Loss on sale of equipment
A – Depreciation expense
C – Increase in A/P
D – Increase in inventory
D – Increase in inventory
$16,000
Identify the item to be added on the statement of cash flows:
B – Decrease in inventory
A – Gain on sale of equipment
C – Decrease in A/P
D – Increase in A/R
B – Decrease in inventory
$32,000
Which of the following is not an adjustment under the indirect method?
B – Gains on sales of plant assets
A – Noncash Expenses
C – Losses on sales of plant assets
D – Sale of equipment at book value
D - Sale of equipment at book value
$64,000
The majority of companies use which method to prepare their statement of cash flows?
B - indirect
A - direct
C – par value
D - cost
B - indirect
$125,000
FASB recommends that companies use which method to prepare their statement of cash flows?
B - indirect
A - direct
C – par-value
D - cost
A - direct
$250,000
Beginning and ending retained earnings are $44,000 and $70,000, respectively. Net income for the period is $61,000 How much were dividends?
B - $9,000
A - $0
C - $87,000
D - $35,000
D - $35,000
$500,000
A company sells equipment for $3,000 cash. The equipment had a cost of $10,000 and accumulated depreciation of $8,000. What is the amount that will be reported under investing activities?
B - $1,000
A - $10,000
C - $2,000
D - $3,000
D - $3,000
$1,000,000
A company sells equipment for $3,000. The equipment had a cost of $10,000 and accumulated deprecation of $8,000. What is the amount that will be reported under operating activities?
B - $1,000
A - $10,000
C - $2,000
D - $3,000
B – $1,000
Winner!
Winner!
Winner!
Winner!
Winner!
Winner!