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A company reported net income for the year of $100 million, but cash flow from operations was $120 million, the difference between net income and cash flow from operations most likely occurred because

A. Increased inventory levels in anticipation of sales of a new product.
B. Took advantage of substantial trade discounts and paid down trade accounts faster than in previous years.
C. Tightened its credit policies and increased collection efforts.

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A dealer of large earth movers that leases the machinery to its customers is most likely to treat the leases as:

A. Operating leases,and account for inventory using last-in first-out.
B. sales-type leases,and account for inventory using specific identification.
C. Direct financing leases,and account for inventory using weighted average cost.

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An analyst is doing the following research. The Regional Bank of Australia receives interest income on the loans it has outstanding. Luck Manufacturing Inc. also receives interest income on some surpl

A. Operating activity Operating activity
B. Operating activity Investing activity
C. Investing activity Operating activity

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Which of the following is not true regarding to zero economic profit？

A. The net present value of cash flows when discounted at the firms cost of capital will equal to zero.
B. The firm is just profitable enough to make a normal return.
C. The return for the firm is insufficient for the risk taken.

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U.S. GAAP and IFRS have converged with respect to the treatment of:

A. Valuation of inventories.
B. Interest received on held-to-maturity securities
C. Unrealized gains on available-for-sale securities.

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A company reported net income for the year of $100 million, but cash flow from operations was $120 million, the difference between net income and cash flow from operations most likely occurred because

A. Increased inventory levels in anticipation of sales of a new product. B. Took advantage of substantial trade discounts and paid down trade accounts faster than in previous years. C. Tightened its credit policies and increased collection efforts.

A dealer of large earth movers that leases the machinery to its customers is most likely to treat the leases as:

An analyst is doing the following research. The Regional Bank of Australia receives interest income on the loans it has outstanding. Luck Manufacturing Inc. also receives interest income on some surpl

Which of the following is not true regarding to zero economic profit？

U.S. GAAP and IFRS have converged with respect to the treatment of:

A. Increased inventory levels in anticipation of sales of a new product.
B. Took advantage of substantial trade discounts and paid down trade accounts faster than in previous years.
C. Tightened its credit policies and increased collection efforts.