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The Net Income Reported on the Income Statement for the Current

question 3

Multiple Choice

The net income reported on the income statement for the current year was $¥ 2,250,000$ . Depreciation recorded on plant assets was $¥ 380,000$ . Accounts receivable and inventories increased by $¥ 20,000$ and $¥ 80,000$ , respectively. Prepaid expenses and accounts payable decreased by $¥ 10,000$ and $¥ 110,000$ respectively. How much cash was provided by operating activities?

Definitions:

Cash Register

A cash register is a mechanical or electronic device for registering and calculating transactions at a point of sale, equipped with a drawer for storing cash.

Independent Internal Verification

The audit process within an organization where transactions and processes are reviewed by a person not involved in their execution, aimed at enhancing accuracy and reliability.

Reconciling Bank Statement

The process of ensuring the amounts on a bank statement match the corresponding amounts in a company's financial records.

Segregation Of Duties

An internal control measure where duties are divided among different individuals in an organization to reduce the risk of fraudulent activities.