"Financial Report"：Understanding Income Statements
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Questions 1:
A company recorded the following events during 2014:
On the 2014 statement of cash flows, the company’s net cash flow from investing activities (in thousands) is closest to:
A 、$285.
B、 –$275.
C 、–$215.
Questions 2:
The converged revenue recognition standards (issued by the International Accounting Standards Board and the Financial Accounting Standards Board in May 2014) are best described as differing from pre-converged US GAAP in that they:
A、 align the recognition of revenue with the customer’s fulfillment of payment obligations.
B、 provide extensive additional guidance for specific industries and transactions.
C、 provide a principles-based approach applicable to many types of revenuegenerating activities.
B is correct. Only the cash flows for the purchase of the shares in an affiliated company is cash from investing activities, thus the net amount is –$275,000. Cash flows from trading securities is an operating activity, and cash flow from issuing bonds is a financing activity.
A is incorrect. It also includes the proceeds from the issuance of the bond, but that is a financing activity: –275,000 – 240,000 + 300,000 + 500,000 = 285,000.
C is incorrect. It includes the proceeds and purchase of the trading securities, but they are operating activities: –275,000 – 240,000 + 300,000 = –215,000
C is correct. The converged standards aim to take a principles-based approach that avoids the provision of specific rules and requirements characteristic of current US GAAP revenue recognition standards.
A is incorrect. Neither current US GAAP nor the new standard suggests aligning revenue recognition with receipt of payments, except where collectability is uncertain.
B is incorrect. Current US GAAP includes extensive guidance on specific industries and transactions. The new standard moves away from this approach.
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