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  • Oscar Company Is Preparing Its Financial Statements For The Current

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    Oscar Company is preparing its current year financial statements and considering which statements about the income statement, statement of cash flows, and financial statement disclosures are correct. The document discusses the differences between accrual and cash accounting, how depreciation affects the statement of cash flows, whether non-cash investing and financing activities require disclosure, and whether credit purchases are a use of cash.

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    Oscar Company is Preparing Its Financial Statements for the Current

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    Oscar Company is preparing its current year financial statements and considering which statements about the income statement, statement of cash flows, and financial statement disclosures are correct. The document discusses the differences between accrual and cash accounting, how depreciation affects the statement of cash flows, whether non-cash investing and financing activities require disclosure, and whether credit purchases are a use of cash.

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    24 views1 page

    Oscar Company Is Preparing Its Financial Statements For The Current

    Uploaded by

    Freelance Worker
    Oscar Company is preparing its current year financial statements and considering which statements about the income statement, statement of cash flows, and financial statement disclosures are correct. The document discusses the differences between accrual and cash accounting, how depreciation affects the statement of cash flows, whether non-cash investing and financing activities require disclosure, and whether credit purchases are a use of cash.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Oscar Company is preparing its financial statements for

    the current #3339


    Oscar Company is preparing its financial statements for the current year. Which of the following
    statements is correct?I. A main difference between the income statement and the statement of
    cash flows is that the income statement is based on the accrual method of accounting and the
    statement of cash flows is based on the cash basis of accounting.II. Depreciation is added back
    to net income in a direct method statement of cash flows because it is a source of cash.III.
    Investing and financing activities that do not affect cash do not require disclosure in the financial
    statements.IV. If a vendor allows a company to buy on credit, it is a use of cash to the buying
    company.a. I only is correct.b. I and II only are correct.c. I and III only are correct.d. I, II, III, and
    IV are correct.View Solution:
    Oscar Company is preparing its financial statements for the current

    ANSWER
    http://paperinstant.com/downloads/oscar-company-is-preparing-its-financial-statements-for-the-
    current/

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