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Free CFA-Level-I Exam Braindumps (page: 412)

Page 412 of 991
PDF with 3963 Questions

Firms report payments for capital leases in the cash flow statement

  1. only as financing cash flows.
  2. partly as operating cash flows and partly as investing cash flows.
  3. only as investing cash flows.
  4. partly as operating cash flows and partly as financing cash flows.

Answer(s): D

Explanation:

Interest expense is classified as CFO and amortization of the lease obligation is reported as cash from financing activities.



Which of the following is NOT a deferred credit item?

  1. Deferred gain on installment sales
  2. None of these answers
  3. Deferred tax credits
  4. Advance rental payments

Answer(s): B

Explanation:

All of the responses qualify as deferred credit items.



The primary current source of generally accepted accounting principles rests with the ________.

  1. Securities and Exchange Commission
  2. Institute of Management Accountants
  3. American Institute of Certified Public Accountants
  4. New York Stock Exchange
  5. Financial Accounting Standards Board

Answer(s): E

Explanation:

FASB was created as an autonomous body with the responsibility of establishing financial accounting standards. It is responsible to hear all viewpoints from the entire economic community and be unbiased.



Which of the following statements is true?

  1. Recognition is concerned with recognizing a liability from a current cash.
  2. Deferral is the process of formally recording or incorporating an item in the financial statements of an entity.
  3. Realization would reduce a liability that is recorded as a result of a cash receipt by recognizing revenues.
  4. Allocation is the process of converting non-cash resources and rights into money.
  5. Accrual is the process of recognizing assets, liabilities, and components of comprehensive income.

Answer(s): E

Explanation:

Accrual is the process of recognizing assets, liabilities, and components of comprehensive income.



Page 412 of 991



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