Questions and Answers of Financial Accounting Tools For Business

(a) Identify the two components of shareholders’ equity normally found in a corporation and indicate the purpose of each. (b) On which financial statement(s) can we find these items presented?
Explain the difference between intracompany and intercompany ratio comparisons.
How does prudence relate to neutrality?
What are the elements of financial statements?
(a) Why are some events recorded as accounting transactions but others are not? (b) Give two examples of events that would not be recorded.
For each of the following accounts, indicate (a) Whether it is an asset, liability, or shareholders’ equity account; (b) The normal balance of the account; (c) Whether a debit will
Distinguish among operating, investing, and financing activities.
(a) Distinguish between internal and external users of accounting information. (b) Why are some people who work for a company considered to be internal users while others are considered to be
Match each of the following forms of business organization—(1) proprietorship, (2) partnership, (3) public corporation, or (4) private corporation—with the set of characteristics that best
(a) What are current liabilities? (b) Give four examples of current liabilities a company might have and identify the order in which a company would list these liabilities on the statement of
(a) Distinguish between current liabilities and non-current liabilities. (b) Explain why a company may classify a bank loan as both a current liability and a non-current liability on the same
(a) Identify and describe the first four steps in the accounting cycle. (b) Does it matter in which order the steps are completed? Explain.

Showing 2100 - 2200 of 2112