"Financial Report"：Profit outflow

来源: 正保会计网校编辑：某某 2020/09/10 11:51:13　字体：大小

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Questions 1:

At the end of the year, a company reported an impairment loss on its manufacturing plant, reducing its carrying amount by 10%. The impairment loss is least likely to cause the company’s:

A debt- to- asset ratio to increase.

B cash flow from operations to decline.

C fixed asset turnover to increase.

Questions 2:

Obligations arising from past events that are expected to result in an outflow of economic benefits from an entity are most likely known as:

A expenses.

B liabilities.

C operating activities.

View answer resolution

【Answer to question 1】（B）

【analysis】

B is correct. The impairment loss is a non- cash charge and will not affect cash flow from operations.

A is incorrect. The statement is correct: the carrying amount of assets has been reduced, so the debt- to- asset ratio will increase.

C is incorrect. The statement is correct: the carrying amount of assets has been reduced, so the fixed asset turnover will increase.

【Answer to question 2】（B）

【analysis】

B is correct. Liabilities are an element of the balance sheet and represent obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

A is incorrect. Expenses are a component of the income statement and are defined as outflows, depletions of assets, and incurrences of liabilities in the course of the activities of a business.

C is incorrect. Operating activities are a classification used in the cash flow statement and include the cash flows resulting from a company’s day- to- day activities that create revenue.

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