ACCT 312 Week 7 Quiz Answers 1. (TCO 8) Which is reported as an operating activity in the statement of cash flows? (Points : 10) 2. (TCO 8) Using the direct method, cash received from customers is calculated as sales (Points : 10) 3. (TCO 8) Which is not reported as an adjustment to net income when using the indirect method of computing net cash flows from operating activities? (Points : 10) 4. (TCO 8) A loss on the sale of machinery should be reported in the statement of cash flows as (Points : 10) 5. (TCO 8) Each year, our company prepares a reconciliation schedule that compares its income statement with its statement of cash flows on both the direct and indirect method bases. In its 2013 income statement, our company reported $29,000 for insurance expense. It paid $36,000 in insurance premiums during 2013. In its reconciliation schedule, our company should (Points : 10)
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