part 3&4

Part 3 Matching Directions In the Answers column, indicate which financial record or report is best described by cach statement. A. Balance Sheet C. Statement of Cash Flow B. Income Statement D. Annual Report Answers 17. A statement of a company's operating and financial performance issued at the end of its fiscal 17. year. 18. The important information contained includes the company's total assets, liabilities, and 18. owner's equity and how each category is divided. 19. A picture of the financial condition of the business as of a specific date. 19. 20. Often includes a letter from the chief executive, a narrative discussion of the year's operations, 20 . and plans for the future. 21. Sales and the costs to generate those sales, other sources of revenue, and all operating; 21. administrative, and other business expenses are detailed. 22. It demonstrates the solvency of a business on a month-to-month basis or even more frequently. 22 . Part 4 Activities 23. You are the chief accountant for a corporation that has experienced a poor year financially. The CEO is feeling pressure from the Board of Directors and believes he may be fired. He has asked you to help him make the past year's financial performance look as good a possible by delaying reporting some major endof-year expenses. He suggests that delaying recording the expenses for only two weeks and including them in next year's records when revenues are expected to be much higher will actually show a more balanced view of the company's ongoing financial performance. Use the space below to write a memo to the CEO expressing the actions you will take in response to his request and the reasons for your decision