What does the balance sheet show? A) The financial performance of operations during a specific period. B) The company's financial condition at a specific point in time. C) cash flows in and out of the business. D) Details of company sales only. Please explain each option why is correct and not
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What does the balance sheet show?
A) The financial performance of operations during a specific period.
B) The company's financial condition at a specific point in time.
C)
D) Details of company sales only.
Please explain each option why is correct and not
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- Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumptionWhy is using the direct method to prepare the operating section of the statement of cash flows more challenging for accountants than preparing the balance sheet, income statement, and retained earnings statement?
- Explain whether each of the following balance sheet items increases, reduces, or has no directeffect on a company’s ability to pay its obligations as they come due. Explain your reasoning.a. Cash.b. Accounts Payable.c. Accounts Receivable.d. Capital Stock.Which of the following financial statements would be most useful if an analyst wants to know the profitability of a company? A. balance sheet B. statement of cash flows C. statement of retained earnings D. income statementA financial statement user would determine if a company was profitable or not during a specific period of time by reviewing the a.income statement b.statement of stockholders' equity c.balance sheet d.statement of cash flows
- Which of the following statements concerning the balance sheet is TRUE? a. Ob. C. Operating cash flow (OCF) should be the cash available to creditors. Assets on the balance sheet must be listed in the order in which they are repaid. Changes in depreciation expense affect a firm's cash position. d. The balance sheet shows the prices at which each individual investor purchased the company's stocks and bonds.The ___________ is the process by which a company spends cash, generates revenues, and receives cash either at the time the revenues are generated or later by collecting an accounts receivable. Group of answer choices accounting cycle business cycle operating cycle income cyclea. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends? b. Are there any trends in sales and marketing expenses or research and development? Are these amounts reasonable for the type of business? c. Compare general and administrative expenses to similar companies. Are they reasonable? d. What is the ratio of net interest income (expense) to income from operations? Is this a safe ratio for the company? Why or why not?
- What are the effects of the following types of transactions on the accounting equation? Also identify the financial statements that are affected. (Assume that the perpetual inventory system is used.) Acquisition of cash from the issue of common stock. Contribution of inventory by an owner of a company. Purchase of inventory with cash by a company. Sale of inventory for cash.Here is question The purpose of this assignment is for you to demonstrate your ability to record business transactions and then prepare a properly formatted income statement and balance sheet. The one additional requirement is that you answer the questions that you find below. Questions to be answer 1. What is the company's ending Cash balance? What is the company's ending Equity? Why is cash not equal to equity? 2. What is the company's net income for the period? 3. If you had to repay your creditors today, could you? Explain. 4. The company made a small amount of net income over the month. Explain why the equity actually decreased over the period. 5. You have recorded journal entries for the period of a month. If you were told that the business license in T12 was a annual expense, would this impact the reported net income? Explain why or why not.Studying GAAP Accrual accounting. There is also cash-basis accounting which does not comply with GAAP. Distinguish between cash-basis accounting and accrual-basis accounting. Why is accrual-basis accounting acceptable for most businesses and the cash-basis unacceptable in the preparation of an income statement and a balance sheet?
