Exhibit 22-3 the Balance Sheet Accounts and Other Information Related $\$ 40,000$

question 40

Multiple Choice

Exhibit 22-3 The balance sheet accounts and other information related to those accounts are presented below for Tony Company:
Additional information related to 2011 activities:
1. Net loss for 2011 was $\$ 40,000$ .
2. Cash dividends of $\$ 12,000$ were declared and paid in 2011.
3. 4,000 shares of comunon stock were issued to bonchalders converting bonds payable into common stock.
4. A long-term investment was sold for $\$ 100,000$ cash
5. Equipment costing $\$ 100,000$ and having accumulated depreciation of $\$ 30,000$ was sold for $\$ 50,000$ cash

- Refer to Exhibit 22-3.Net cash provided (used) in the investing activities section of Tony's 2011 statement of cash flows was

• A)$ 0
• B)$(150, 000)
• C)$ (50, 000)
• D)$ 150, 000

Identify the assumptions, principles, and limitations in the conceptual framework for financial reporting.

Understand the AICPA Special Committee's comprehensive model of business reporting and its categories.

Be familiar with the process and results of the FASB's conceptual framework projects.

Identify and understand the qualitative characteristics of financial information as identified by GAAP.

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Definitions:

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