Which of the following statements about the classifications of interest and dividends on the statement of cash flow are true? (Select all that apply.) Check All That Apply Under US GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows. Under US GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows. Under IFRS, interest and dividends paid are classified as either operating or financing cash flows and Interest and dividends received as classified as either operating or investing cash flows. Under U.S. GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows. Under U.S. GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows. Under IFRS, Interest and dividends paid are classified as either operating or financing cash flows and interest and dividends received as classified as either operating or investing cash flows. Under IFRS, interest and dividends paid are classified as either operating or investing cash flows and interest and dividends received as classified as either operating or financing cash flows.

Question

05-12-2022
Business

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Which of the following statements about the classifications of interest and dividends on the statement of cash flow are true? (Select all that apply.) Check All That Apply Under US GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows. Under US GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows. Under IFRS, interest and dividends paid are classified as either operating or financing cash flows and Interest and dividends received as classified as either operating or investing cash flows. Under U.S. GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows. Under U.S. GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows. Under IFRS, Interest and dividends paid are classified as either operating or financing cash flows and interest and dividends received as classified as either operating or investing cash flows. Under IFRS, interest and dividends paid are classified as either operating or investing cash flows and interest and dividends received as classified as either operating or financing cash flows.

Sagot :

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AmishaSrivastava AmishaSrivastava · Answer 1 · 2022-12-10T13:48:00-05:00

The conditions for Interest and dividend in cash flow statements under IFRS and US GAAP are as below:

IFRS:

C. interest and dividends paid are classified as either operating or financing cash flows, and Interest and dividends received as classified as either operating or investing cash flows.

US GAAP:

A. cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows.

What is GAAP?

A unified collection of accounting regulations, guidelines, and practices published by the Financial Accounting Standards Board are known as generally accepted accounting principles (GAAP) (FASB). When assembling their financial accounts, American public firms' accountants are required to adhere to GAAP.

GAAP is a system of rules-based standards that is guided by 10 key principles. It frequently contrasts with the International Financial Reporting Standards (IFRS), which are seen as more of a standards-based standard. There have been recent efforts to switch from GAAP reporting to IFRS since IFRS is a more global standard.

To learn more about GAAP from the given link

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Question:

Which of the following statements about the classifications of interest and dividends on the statement of cash flow are true? (Select all that apply.) Check All That Apply

A. Under US GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows.

B. Under US GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows.

C. Under IFRS, interest, and dividends paid are classified as either operating or financing cash flows, and Interest and dividends received as classified as either operating or investing cash flows.

D. Under U.S. GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows.

E. Under U.S. GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows.

F. Under IFRS, Interest, and dividends paid are classified as either operating or financing cash flows, and interest and dividends received as classified as either operating or investing cash flows.

G. Under IFRS, interest, and dividends paid are classified as either operating or investing cash flows, and interest and dividends received as classified as either operating or financing cash flows.

Sagot :

What is GAAP?

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