ACTG 1P91 Chapter Notes - Chapter 1: Financial Statement, Income Statement, Retained Earnings

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28 Sep 2011

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ACTG 1P91 Full Course Notes

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Assets: resources available to the entity to generate more resources. Retained earnings: earnings generated that the company has kept. Accounting: an information system designed to provide useful information to users for decisions about allocation of scarce economic resources. Statement of cash flows - statement of changes in financial position. Accounting is the process of capturing and reporting the results of a business"s operating, investing, and nancing activities. Goodwill is only shown on the balance sheet only when a company is certain about the. Financial statements are reports that summarize the nancial results of business activities. Financial statement users are people who base their decisions, in part, on information reported in a company"s nancial statements. Operating activities include day-to-day events involved in running the business. Investing activities involve buying or selling long-term items such as land, buildings, and equipment. Financing activities involve raising money from lenders and owners or paying it back.

Related Questions

Which of the following is incorrect about the statement of cash flows?

a. It provides information about cash receipts and cash payments of an entity during a period.

b. It provides information about the operating, investing, and financing activities of the business.

c. It reconciles the ending cash account balance to the balance per the bank statement.

d. It is the fourth basic financial statement.

tealantelope264

29 Which of the following reports the financial position of the business? a. Income statement b. Statement of cash flows C. Statement of retained earnings d. Balance sheet e. None of the above The correct answer is 'd'.

The five products of financial accounting and the result of theeighth step of the accounting process are:

	a.)	Income Statement, Business Progress Statement, Balance Sheet,Statement of Cash Flows, Asset and Liability Statement
	b.)	Income Statement, Notes to the Income Statement, Statement ofRetained Earnings, Notes to the Retained Earnings Statement,Balance Sheet.
	c.)	Income Statement, Statement of Retained Earnings, Balance Sheet,Statement of Cash Flows, Statement of Stockholders Equity
	d.)	Income Statement, Statement of Retained Earnings, Balance Sheet,Statement of Cash Flows, Notes to the Financials

carminegoose478

ACTG 1P91 Chapter Notes - Chapter 1: Financial Statement, Income Statement, Retained Earnings

ACTG 1P91 Full Course Notes

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