Liabilites - Study guides, Class notes & Summaries

Cash on Cash Multiple How much an investor receives in proceeds upon exiting the investment compared to its initial investment; it is not dependent on when the exit actually occurs Income Statement Presents the results from operations (profitability) over a period of time. Purpose is to show stakeholders whether the company made or lost money during the period being reported. Represents how revenues are transformed into Net Income. Brainpower Read More Previous Play Next R...

IFRS Test 2 Questions & Answers 2024/2025 a present economic resource controlled by the entity as a result of past events - ANSWERSIASB's defintion of an asset a right that has the potential to produce economic bneefits - ANSWERSeconomic resource a present obligation of the entity to transfer an economic resource as a result of past events - ANSWERSliability a liability occurs under IASB when: - ANSWERSno practical ability to avoid the transfer the obligation arises from past ev...

Parts to a Statement of Financial Position - ANSWER ☑☑Covers total assets, equities and liabilities ASSETS (A) 1. Non-current (revaluation) (not easily converted to cash within a year) 2. Current (inventories, cash, trade receivables, short term investments, pre-paid expenses) = Total assets (A) EQUITY AND LIABILITES (B) 1. Equity (share capital, reserves, retained earnings) =Total equity 3. Non-current liabilities (long-term borrowings/provisions) 4. Current liabilities (trade...

Accounting 2 – AAMI Latest Version 100% Correct Worksheet Form used to complete the net income or net loss and to plan the preparation of financial statements Journalizing Transactions Provide the figures needed to determine the results of operations and the financial position of the business Worksheet Form used to complete the net income or net loss and to plan the preparation of financial statements Journalizing Transactions Provide the figures needed to determine the resul...

Accounting 2 – AAMI Latest Version 100% Correct Worksheet Form used to complete the net income or net loss and to plan the preparation of financial statements Journalizing Transactions Provide the figures needed to determine the results of operations and the financial position of the business Worksheet Form used to complete the net income or net loss and to plan the preparation of financial statements Journalizing Transactions Provide the figures needed to determine the results of oper...

What is the effects on the accounting equations of performig services for cash a. increases asstes and decreases stockholders' equity b. increases libilites and incresese stockholders' equity c. increases assets and increses libilites D Increases assets and increases stockholders' equatiy - ️️D. Increases assets and increases stockholders' equatiy which form of business organization has shared control, tax advantages, and increased skills and resources - ️️D. Advertisi...

Accounting Equations UPDATED Actual Exam Questions and CORRECT Answers Assets Liabilites Equity Equation - CORRECT ANSWER- Assets = Liabilities + Equity Total Equity Equation - CORRECT ANSWER- Common Stock + Retained Earning Retained Earning Equation - CORRECT ANSWER- Beginning Retained Earning + Net Income -Dividends = Net Income Equation - CORRECT ANSWER- Revenues - Expense

Novak Corp. began the year with retained earnings of $669000. During the year the company recorded revenues of $577000, expenses of $375000, and paid dividends of $139500. What was Novak retained earnings at the end of the year? Ans: $731500 Retained earnings+revenue-expenses-dividends Wildhorse Co. began the year with retained earnings of $933000. During the year, the company issued $134000 of common stock, recorded expenses of $3616000, and paid dividends of $244000. If Wildhorse en...

Accounting 2 – AAMI Solved 100% Form used to complete the net income or net loss and to plan the preparation of financial statements -Correct Answer-Worksheet Provide the figures needed to determine the results of operations and the financial position of the business -Correct Answer-Journalizing Transactions Form used to complete the net income or net loss and to plan the preparation of financial statements -Correct Answer-Worksheet Provide the figures needed to determine the results...

Ratios Question and answers 100% correct 2024/2025 Ratios- APSC 221 what does current mean - correct answer stuff that can be flipped easily for cash ( not cars, land, buildings) what do assets include that quick assets don't - correct answer inventories current ratio - correct answer current assets/ current liabilities - should be around 2 for normal businesses - lower than 2 but above one is normal for new ventures - not good lower than this because current liabilites ar...