10) which financial statement reports profit?
10) which financial statement reports profit?
Homework Answers
The statement of Net Income presents the net profit for the period. The net income statement shows all the revenues, the costs and the tax expenses for the period. Cost and taxes are deducted from the revenues to arrive at the net profit
Statement of financial position is prepared as on the date and shows the assets liabiltiies and equity of the company
Statement of cash flows report the change in cash for the period
Accounting is a process that: Reports the profit and loss a firm makes Reports the financial...
Accounting is a process that: Reports the profit and loss a firm makes Reports the financial history of the firm Reports information to external users of the financial statements. Reports to the S.E.C. é There are four basic financial statements required by GAAP. They are: Balance Sheet, Income Statement, Cash Flow Statement and a Trial Balance. Balance Sheet, Income Statement, Cash Flow Statement and a Work Sheet. Balance Sheet, Income Statement, Cash Flow Statement and a Statement of Change to...
business earned a profit and also lists 6) The financial statement that reports whether the the...
business earned a profit and also lists 6) The financial statement that reports whether the the revenues and expenses is called the: A) Income statement. B) Statement of cash flows. C) Statement of financial position. D) Statement of retained earnings. E) Balance sheet 7) When expenses exceed revenues, the resulting change in equity is called: A) Net loss. B) Net assets. C) A liability D) Negative equity E) Net income. 8) Decre ases in equity that represent costs of providing...
9) which financial statement reports the amounts of the accounting equation which is assets equal liabilities...
9) which financial statement reports the amounts of the accounting equation which is assets equal liabilities plus equity?
3. Financial statements and reports Aa Aa E The income statement, also known as the profit...
3. Financial statements and reports Aa Aa E The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
11. (LO 3) Which financial statement reports assets, liabilities, and stockholders' equity? a. Income statement. oblolos...
11. (LO 3) Which financial statement reports assets, liabilities, and stockholders' equity? a. Income statement. oblolos b. Retained earnings statement.lt c. Balance sheet. d. Statement of cash flows.
Agree or Disagree and Why? A financial statement is a statement that reports all relevant financial...
Agree or Disagree and Why? A financial statement is a statement that reports all relevant financial information, presented in a “structured manner and in a form easy to understand for managerial use for taking prompt and informed decision making related to investment” (Blessing and E.E. 2015). The analysis of financial statements evaluates the past and current financial situation of a company, allowing it to establish estimates and predictions about future scenarios. Financial analysis is crucial in maintaining a successful business....
Which of the following statements about financial statement forecasting methods is most correct? For-profit and not-for-profit...
Which of the following statements about financial statement forecasting methods is most correct? For-profit and not-for-profit businesses use totally different approaches to financial forecasting. In the constant growth (percentage of sales) method, after the first pass the balance sheet is balanced by adjusting the cash account. In the constant growth (percentage of sales) method, after the first pass the balance sheet is balanced by adjusting the equity account. In the constant growth (percentage of sales) method, the balance sheet is...
Which of the following statements regarding financial reports is correct?
Which of the following statements regarding financial reports is correct?Select one:a. A balance sheet contains assets, liabilities, and stockholders' equity informationb. A statement of stockholders' equity reports revenues, net income, and expense informationc. An income statement shows revenues and dividends.d. A statement of cash flows shows cash inflows and outflows from operating investing, and manufacturing activities
Which financial statements are required for private not-for-profit organizations?
2. Which financial statements are required for private not-for-profit organizations?A. Statement of Financial Position, Statement of Functional Expense, Statement of Cash Flows.B.Statement of Financial Position, Statement of Activities, Statement of Functional Expenses.C.Statement of Financial Position, Statement of Activities, Statement of Cash Flows, Statement of Functional Expenses.D. Statement of Financial Position, Statement of Net Assets, Statement of Functional Expenses.
Which of the following is NOT true? A. The financial statement which reports information helpful in...
Which of the following is NOT true? A. The financial statement which reports information helpful in calculating the current ratio would be the balance sheet. B. A gain on the sale of land is included in net income from operations in a multi-step income statement. C. The governmental agency that has broad powers to prescribe accounting practices to public companies that trade on the major stock exchanges is the Securities Exchange Commission. D. Current assets will be typically be converted...
Accounting is a process that: Reports the profit and loss a firm makes Reports the financial history of the firm Reports information to external users of the financial statements. Reports to the S.E.C. é There are four basic financial statements required by GAAP. They are: Balance Sheet, Income Statement, Cash Flow Statement and a Trial Balance. Balance Sheet, Income Statement, Cash Flow Statement and a Work Sheet. Balance Sheet, Income Statement, Cash Flow Statement and a Statement of Change to...
business earned a profit and also lists 6) The financial statement that reports whether the the revenues and expenses is called the: A) Income statement. B) Statement of cash flows. C) Statement of financial position. D) Statement of retained earnings. E) Balance sheet 7) When expenses exceed revenues, the resulting change in equity is called: A) Net loss. B) Net assets. C) A liability D) Negative equity E) Net income. 8) Decre ases in equity that represent costs of providing...
3. Financial statements and reports Aa Aa E The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
11. (LO 3) Which financial statement reports assets, liabilities, and stockholders' equity? a. Income statement. oblolos b. Retained earnings statement.lt c. Balance sheet. d. Statement of cash flows.
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