"Financial Report":Understanding Balance Sheets

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來源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/11/13 09:20:51　字體：大小

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Questions 1:

Liabilities of a company equal:

A 、assets plus equity.

B 、equity minus assets.

C 、assets minus equity.

Questions 2:

In the statement of cash flows, interest paid by a company is most likely included in:

A 、either the operating or financing section under US GAAP.

B、 either the operating or financing section under IFRS.

C、 only the financing section under both IFRS and US GAAP

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The assets of a company are equal to sum of its liabilities and stockholders’ equity:

A = L + E. Therefore, liabilities are equal to assets minus equity: L = A – E. A is incorrect because liabilities are equal to assets minus equity.

B is incorrect because equity is equal to assets minus liabilities.

【Answer to question 2】B

【analysis】

B is correct. US GAAP requires that interest paid be classified as an operating cash flow; IFRS allows interest paid to be classified as either an operating or financing activity.

A is incorrect. US GAAP requires that interest paid be classified as an operating cash flow; IFRS allows interest paid to be classified as either an operating or financing activity.

C is incorrect. US GAAP requires that interest paid be classified as an operating cash flow; IFRS allows interest paid to be classified as either an operating or financing activity.

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