identify which of the following items is a noncash investing and financing activity that must be reported in a note to the statement of cash flows

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16-12-2022
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identify which of the following items is a noncash investing and financing activity that must be reported in a note to the statement of cash flows

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Tutorconsortium707 Tutorconsortium707 · Answer 1 · 2022-12-21T10:46:51+01:00

Lease of an asset in a long-term lease transaction is the noncash investing and financing activity.

Retirement of debt by issuing stock is the noncash investing and financing activity.

These are the noncash investing and financing activity that must be reported in a note to the statement of cash flows.

Noncash investing and financing activity:

Only the operating, investing, and financing operations that have an impact on cash or cash equivalents are reported in the statement of cash flows.

However, some non-cash investing and financing operations may be more meaningful for the users of financial statements since they may have a big impact on the performance of the company now and in the future in terms of sales, profits, and the potential to produce positive cash flows.

As a result, both IFRS and US GAAP mandate that businesses declare any material non-cash investment and financing activities, either in the financial statements' notes or as a footnote to the statement of cash flows.

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