As One Crosses the International Date Line Going Westward,the Calendar

question 23

Multiple Choice

As one crosses the International Date Line going westward,the calendar day should be moved

• A)back one day.
• B)ahead one day.
• C)ahead twelve hours.
• D)back twelve hours.

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been deducted from total revenue, indicating the actual profit earned.

Adjusting

The act of making entries to update the financial statements to more accurately reflect revenues and expenses for a specific reporting period.

Operating Activities

The day-to-day activities of producing and selling goods and/or services, which are reflected in the cash flow statement.

Indirect Method

A way of calculating cash flows in the cash flow statement, where net income is adjusted for changes in non-cash items and working capital.