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Assignment # 1 Answer all the questions below and submit through the Assignment # 1 - submission area by 1 1 : 5 5 pm
Assignment #
Answer all the questions below and submit through the "Assignment # submission area" by
:pm on Wednesday May th The assignment is worth of your final grade.
What are Generally Accepted Accounting Principles GAAP Explain.
Explain the difference between cash and accrual accounting.
Explain the purpose of the balance sheet and what information it contains.
Explain the purpose of the income statement and what information it contains.
Identify the three ways a business can generate and use cash.
Which financial statements are required to prepare a statement of cash flows?
Define free cash flow.
For each item listed, indicate how the item will impact cash flow increase decrease or
no change using the indirect method.
What are some actions a company may be tempted to take to unethically and artificially
improve its statement of cash flows presentation?
Indicate the section of the statement of cash flows where each item would be located
operating investing or financing activities using the indirect method.
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