Question 3
POST_UTME_SUMMIT_UNIVERSITY
•
2024
•
ACCOUNTING
•
objective
A company's financial statements for the year ended December 31, 2023, showed the following: Revenue ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦100,000, Net Income ₦100,000. Prepare a statement of cash flows for the company.
Answer Options
Correct Answer
A.
{\begin{tabular}{|l|r|}
Cash Flows from Operating Activities & ₦200,000 \\
Cash Flows from Investing Activities & ₦0 \\
Cash Flows from Financing Activities & ₦0 \\
Net Change in Cash & ₦200,000 \\
Cash at Beginning of Year & ₦0 \\
Cash at End of Year & ₦200,000 \\
\end{tabular}}
B.
{\begin{tabular}{|l|r|}
Cash Flows from Operating Activities & ₦200,000 \\
Cash Flows from Investing Activities & ₦0 \\
Cash Flows from Financing Activities & ₦0 \\
Net Change in Cash & ₦200,000 \\
Cash at Beginning of Year & ₦0 \\
Cash at End of Year & ₦200,000 \\
\end{tabular}}
C.
{\begin{tabular}{|l|r|}
Cash Flows from Operating Activities & ₦200,000 \\
Cash Flows from Investing Activities & ₦0 \\
Cash Flows from Financing Activities & ₦0 \\
Net Change in Cash & ₦200,000 \\
Cash at Beginning of Year & ₦0 \\
Cash at End of Year & ₦200,000 \\
\end{tabular}}
D.
{\begin{tabular}{|l|r|}
Cash Flows from Operating Activities & ₦200,000 \\
Cash Flows from Investing Activities & ₦0 \\
Cash Flows from Financing Activities & ₦0 \\
Net Change in Cash & ₦200,000 \\
Cash at Beginning of Year & ₦0 \\
Cash at End of Year & ₦200,000 \\
\end{tabular}}
Correct Answer
A
Correct Option:
{\begin{tabular}{|l|r|}
Cash Flows from Operating Activities & ₦200,000 \\
Cash Flows from Investing Activities & ₦0 \\
Cash Flows from Financing Activities & ₦0 \\
Net Change in Cash & ₦200,000 \\
Cash at Beginning of Year & ₦0 \\
Cash at End of Year & ₦200,000 \\
\end{tabular}}
About This Question
This is
Post Utme Summit University
2024
Accounting
Question 3.
It is one of the
objective
questions from the
2024
Post Utme Summit University
Accounting
examination.