Financial Accounting and Reporting Chapter 7 Exam Questions and Answers 100% Solved
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Financial
Institution
Financial
Financial Accounting and Reporting
Chapter 7 Exam Questions and Answers
100% Solved
Depreciation and amortization expense - are taken from the income
statement for the creation of the statement of cash flows.
Working capital includes - accounts receivable, inventory, accounts
payable, accrued...
work together to develop compatible accounting standards. Because of
these ongoing convergence efforts, the differences between IFRS and U.S.
GAAP have been shrinking.
Normalizing results in financial statements means to - ✔✔remove unusual,
non-recurring items to allow for apple-to-apple comparisons.
EDITDA (earnings before interest taxes, depreciation and amortization) -
✔✔is used to indicate the ability of a company to service debt. It is a
measure of the availability of cash.
Earnings per share = - ✔✔Net income - preferred dividends / weight avg.
shares outstanding
International Financial Reporting Standards (IFRS) - ✔✔is a single set of
global accounting standards published as pronouncements. About 120
countries and reporting jurisdictions permit or require the use of IFRS for
domestic public companies at this time. Most major countries permit or
require IFRS, with the exception of China, Idonesia, Thailand, Egypt and
the US.
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