Post Utme Covenant University 2020 Accounting Question 24

Practice objective / multiple choice question 24 from the 2020 Post Utme Covenant University Accounting examination.

Post Utme Covenant University 2020 Accounting Objective / Multiple Choice
Question 24 POST_UTME_COVENANT_UNIVERSITY • 2020 • ACCOUNTING • objective

A company has the following trial balance: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Common Stock ₦100,000, Dividends ₦10,000, Equipment ₦80,000, Interest Expense ₦5,000, Interest Income ₦10,000, Net Income ₦20,000, Prepaid Rent ₦15,000, Salaries Expense ₦30,000, Sales Revenue ₦150,000, Taxes Expense ₦10,000. Prepare a statement of cash flows.

Answer Options

Correct Answer A. Cash Flows from Operating Activities: ₦90,000, Cash Flows from Investing Activities: ₦20,000, Cash Flows from Financing Activities: ₦10,000
B. Cash Flows from Operating Activities: ₦80,000, Cash Flows from Investing Activities: ₦30,000, Cash Flows from Financing Activities: ₦20,000
C. Cash Flows from Operating Activities: ₦100,000, Cash Flows from Investing Activities: ₦40,000, Cash Flows from Financing Activities: ₦30,000
D. Cash Flows from Operating Activities: ₦70,000, Cash Flows from Investing Activities: ₦50,000, Cash Flows from Financing Activities: ₦40,000
Correct Answer
A
Correct Option:
Cash Flows from Operating Activities: ₦90,000, Cash Flows from Investing Activities: ₦20,000, Cash Flows from Financing Activities: ₦10,000

About This Question

This is Post Utme Covenant University 2020 Accounting Question 24. It is one of the objective questions from the 2020 Post Utme Covenant University Accounting examination.

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