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1. Of the following, which is not classified as an investing activity on the statement of cash flows? A. Collecting the principal on loans B. Purchasing land C. Sale of equipment for cash D. Selling goods and services
2. Operating activities are transactions and events associated with selling a product or providing a service related to the A. assets and liabilities reported on the balance sheet. B. revenues and expenses reported on the income statement. C. net income reported on the statement of retained earnings. D. retained earnings reported on the balance sheet.
3. A purchase of new equipment on a note payable under the direct method is reported A. in the operating section of the cash flow statement. B. as a separate disclosure as a non-cash transaction. C. in the investing section of the cash flow statement. D. in the financing section of the cash flow statement.