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True False Questions 14. Payment of a note payable and repurchase of common stock are...

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True False Questions 14. Payment of a note payable and repurchase of common stock are uses of cash 15. If a firm uses cash to purchase inventory, its quick ratio will increase 16. Financial planning is important because the only way for a firm to prosper is for it to grow 17. A fundamental difference between Canadian GAAP and IFRS is that fair value accounting plays a more important role under IFRS 18. The financial statement summarizing the value of a firm's equity on a particular date is the statement of comprehensive income 19. Patents on a new anti-cholesterol drug are considered intangible fixed assets. 20. If a firm uses part of the cash it received from payment of an account recervable to buy inventory and leaves the rest in its bank account, its current ratio will remain unchanged

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