To Prepare the Statement of Cash Flows,you Need The

question 92

Multiple Choice

To prepare the statement of cash flows,you need the:

• A)accounts payable ledger.
• B)accounts receivable ledger.
• C)general journal.
• D)balance sheet from the beginning and ending of the period.

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Definitions:

Physical Count

The process of manually counting inventory items to verify quantities and ensure the accuracy of records.

Most Current Prices

Refers to the latest available prices of goods, services, or assets, often used in the evaluation of market trends or valuation assessments.

Ending Inventory

The total value or quantity of goods available for sale at the end of an accounting period, calculated by adding any purchases to the beginning inventory and subtracting sold goods.

Gross Profit Method

An accounting technique to estimate the amount of inventory sold over a period, calculated as sales minus the cost of goods sold at a gross margin.