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Accounting Financial Statements questions with actual answers 100% correct.
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Accounting Financial Statements questions with actual answers 100% correct.
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Accounting Financial Statementsquestions with actual answers 100%
correct.
Terms ANS - -Financial statements
-Balance sheet
-Liabilities
-Capital
-Accounting equation
-Merchandise inventory
-Accounts receivable
-Accounts payable
-Income statement
-Cash flow
-Working capital
What Is Accounting? ANS - -Accounting is the language of business
-Includes the analyzing and recording of all transactions
-Transactions are organized into financial statements
-Primary reason to keep records is to know whether or not your company made a profit or a loss
Why Keep Records? ANS - -Identify the source of receipts (income)
-Identify expenses paid or owed to others
-Determine the kinds and values of assets
-Prepare financial statements
-Prepare and support tax returns and other government reports
-Check on the progress of the business
, -Plan the future direction of the business
Who Needs These Records? ANS - Manager
-Make day-to-day decisions
-Review past results
-Plan for the future
Owner
-Decide whether to increase or decrease investment in company
-Decide whether to continue operating
Who Needs These Records? (cont.) ANS - Supplier
-Decide whether to extend credit
-Decide how much credit to extend
Lender
-Decide whether to lend a business money
-Decide on the terms of the loan
Government
-Arrive at fair tax rates
-Detect fraudulent practices
Financial Statements ANS - -Reports that summarize financial data over a period of time
-Most used financial statements are...
_Balance Sheet
_Income Statement
Balance Sheet ANS - -Reports a business's assets, liabilities, and capital on a specific date
-A statement that shows...
_How much money a company has (assets)
_How much money a company owes (liabilities)
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