Under the Indirect Method of Determining the Net Cash Provided

question 77

True/False

Under the indirect method of determining the net cash provided by operating activities on the statement of cash flows, increases in current assets such as prepaid expenses are subtracted from net income.

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Definitions:

Assessed Value

The valuation determined by a public tax assessor for the purpose of levying property taxes.

PST

Provincial Sales Tax, a tax levied by some provinces in Canada on the sale of goods and services.

GST

A tax on goods and services meant for domestic consumption, the Goods and Services Tax is a value-added tax charged on most products and services.

Grade Point Average

A numerical calculation that represents the average value of the accumulated final grades earned in courses over time, standardized on a scale.