Please help this is worth 25% of my final grade and is timed. Thank you!!
Accounting practice in the United States follows the generally accepted accounting principles (GAAP) developed by the Financial Accounting Standards Board (FASB), which is a nongovernmental, professional standards body that monitors accounting practices and evaluates controversial issues. The Securities and Exchange Commission (SEC) requires all publicly traded companies to periodically report their financial information. A publicly held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained earnings, and other financial information for analysis. The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description. Description Statement or Report Is issued once a year by a corporation and contains basic financial statements and an analysis of past performance and future prospects Is divided into two important parts: operating and nonoperating sections; also known as the profit and loss statement Summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time Provides details about the flow of funds from operating, investing, and financing activities Reconciles (1) the amount of retained earnings recorded at the beginning of the reporting period, (2) changes during that period, and (3) the amount of retained earnings at the end of the reporting period Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table: Balance Sheet Statement of Cash Flows How much cash is a firm generating through operating, investing, and financing activities? O How much debt and equity has the firm issued to finance its assets? Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table: Balance Sheet Statement of Cash Flows How much cash is a firm generating through operating, investing, and financing activities? How much debt and equity has the firm issued to finance its assets? True or False: As long as the information reported follows the generally accepted accounting principles (GAAP) guidelines, accountants in a firm have the liberty to use personal judgment to report transactions in the firm's financial statements. False O True Accounting practice in the United States follows the generally accepted accounting principles (GAAP) developed by the Financial Accounting Standards Board (FASB), which is a nongovernmental, professional standards body that monitors accounting practices and evaluates controversial issues. The Securities and Exchange Commission (SEC) requires all publicly traded companies to periodically report their financial information. A publicly held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained earnings, and other financial information for analysis. The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description. Description Statement or Report Is issued once a year by a corporation and contains basic financial statements and an analysis of past performance and future prospects Is divided into two important parts: operating and nonoperating sections; also known as the profit and loss statement Summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time Provides details about the flow of funds from operating, investing, and financing activities Reconciles (1) the amount of retained earnings recorded at the beginning of the reporting period, (2) changes during that period, and (3) the amount of retained earnings at the end of the reporting period Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table: Balance Sheet Statement of Cash Flows How much cash is a firm generating through operating, investing, and financing activities? O How much debt and equity has the firm issued to finance its assets? Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table: Balance Sheet Statement of Cash Flows How much cash is a firm generating through operating, investing, and financing activities? How much debt and equity has the firm issued to finance its assets? True or False: As long as the information reported follows the generally accepted accounting principles (GAAP) guidelines, accountants in a firm have the liberty to use personal judgment to report transactions in the firm's financial statements. False O True
