Note: This Is a Kaplan CPA Review Question

question 54

Multiple Choice

Note: This is a Kaplan CPA Review Question
The statement of cash flows for a private not-for-profit performing arts center should report cash flows according to which of the following classifications?

• A) Operating activities, investing activities and financing activities
• B) Operating activities, non-capital activities and capital activities.
• C) Investing activities, capital activities and financing activities.
• D) Financing activities, non-capital activities and capital activities.

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Definitions:

Trade Name

A commercial name used by a company or business for trading purposes, under which it conducts business or offers services.

Sole Proprietor

An individual who owns and operates a business alone, without forming a corporation or partnership.

Fictitious Business Names

Aliases under which individuals or businesses operate that are different from their legal, registered names, often registered with local or state governments.

Professionals

Individuals who possess specialized knowledge or skills in a particular field, often requiring certification or licensing.