Statement of Cash Flows 2 | Quizalize

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Statement of Cash Flows 2 | Quizalize

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Statement of Cash Flows 2

Quiz by Fiel Martinez

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Q 1/10
Score 0
How much is the cash flow from operating activities?
30
Users enter free text
Q 2/10
Score 0
How much is the cash flow from investing activities?
30
Users enter free text

10 questions

Q.

How much is the cash flow from operating activities?

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1

30 sec

Q.

How much is the cash flow from investing activities?

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2

30 sec

Q.

How much is the cash flow from financing activities?

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3

30 sec

Q.

How much is the net increase or decrease in cash for the year?

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4

30 sec

Q.

How much is the cash balance as at December 31, 2020?

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5

30 sec

Q.

How much is the cash flow from operating activities?

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6

30 sec

Q.

How much is the cash flow from investing activities?

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7

30 sec

Q.

How much is the cash flow from financing activities?

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8

30 sec

Q.

How much is the net increase or decrease in cash for the year?

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9

30 sec

Q.

How much is the cash as at December 31, 2020?

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10

30 sec

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Statement of Cash Flows 1
Initially the recording and communicating of economic events occurred through narratives in early civilisation. As businesses grew in size there became a need to record the procedures. In 1494, Luco Pacioli, an Italian, described the double entry system of debit and credit to be recorded in journals and ledgers. The Italians were the first bankers however accounting can be traced from the Greeks and Romans in the 4th and 5th century BC who were traders. The system has remained the same. The initial stewardship role of securing cash developed into a system of accounting which involves recording, summarizing and analysing data to ensure the efficient operation of the business currently known as financial accounting. Formerly, the data only reflected receipts and payments of cash. Today the practice is to match income earned with expenses incurred. Later on cost management was identified as a tool to help managers in making business decisions. Other services now include taxation etc. In the quest for consistency in record and presentation, the profession has developed and instituted organised rule making authorities including the International Accounting Standards Board (IASB). They create generally accepted accounting principles (GAAP) and concepts. They are established principles, standards, and legislation unique to each jurisdiction. The profession now requires accreditation and certification given the complexity involved in the record and presentation of accounts and statements.
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