Financial Statements

Investing activities

QuickBooks is an Accounting program made by Intuit (I believe I spelled that correctly). The "packages" are what the company offers at different rates. Payroll, Bank Account Managing, Check Writing, etc, all come in packages that a person/business has to pay for either on a monthly or *possibly* yearly basis.

More information is available through the company that offers QuickBooks. Personally, it's a great accounting program.

for guidance the accountants in a significant practises with using what should be utility as GAAP.

Drawing A/c ------Dr 6000

To Bank A/c 6000

Profit & Loss Accounts & Balance Sheet

marketable securities are short term investment by the company to be liquidated when required and until that time earn interest revenue instead of keeping liquid cash in bank.

Operating Activities

Net income is the profit resulted from the operation of the entity after deducting the operating expenses and the administrative expenses. applicable taxes are also being deducted to come up with "the net income". The residual of assets after liabilities had been taken away is the stakeholder's equity. Net income will become part of the Stakeholder's Equity at the end of the accounting period and will be added to Retained Earnings, beginning to form Retained Earnings, ending.

The matching principle

An end colostomy is usually a permanent ostomy, resulting from trauma, cancer, or another pathological condition.

Yes merchandise inventor is usable within one fiscal year that's why it is current asset and shown as a current asset in balance sheet.

Accounts payable is created when goods purchased on credit so it records the credits that is how much amount payable to creditors.

Yes net income on income statement can be negative and that amount is called net loss for that specific period or fiscal year.

Single entry only records income and expenditure on a cash basis. It does not show how each transaction was made whether it was cash or credit. So it would nit be suitable for large companies. You tend to only see single entry for the self employed or small non-profit sports clubs.

income statement includes expenses and incomes related to that specific single fiscal year for which that income statement is prepared. It is to clarify that only income and expenses related to that specific period is included and not for any other fiscal year.

A profit and loss account reports the results of activity over a period of time, usually one year. A balance sheet reports the situation (assets, liabilities and equity) at a point in time. The Profit and Loss Statement reports (Revenue - Expenses) Net Income (Net Profit) and it accumulates throughout one fiscal (business) year and is restarted from zero at the end of the year. The Balance Sheet reports the value of the entity (person or business). Assets = Liabilities + Equity. Its accounts start from zero at the beginning and continue to accumulate until the business closes. For more information check the related link.

a firm has beginning inventory of 300 units at a cost of 11 each. production during the period was 650 units at 12 each. if sales were 700 units what is the cost of goods sold (assume FIFO)

To improve the company's performance in other to maximize shareholders wealth

The Income Statement and the Statement of Cash Flows. Both report information presented over a period of time.

A cash flow statement is the flow of money in and out of a business. If the bank statement is for your business, then yes, it'd be included on the statement sheet.

a. neither a gain nor loss is recognized on this type of transaction.

b. a gain on sale of $2,000.

c. a gain on sale of $1,000.

d. a loss on sale of $2,000.

**ANSWER choices**d. a loss on sales of $2,000

Assets Cost $36,000

Dep 18 month $500X18 Month = 9000

Asset Net Value $36,000-9000 = $27,000

Sales amount 25,000

loss on sales =$25,000 - $27,000 = $ - 2,000

Purchase Requisition 1275 for 4,800 units of Material 254 is prepared by the storeroom clerk. The material is to be ordered from the Westmoreland County Corporation for $21.50 per unit. Terms are 1/10, n/30.

To avoid giving wrong financial analysis, I take the following precautionary steps:

1. Double-checking all the data and information used for analysis to ensure accuracy and reliability.
2. Applying rigorous analytical methods and tools to minimize errors and biases.
3. Staying updated with the latest financial regulations, methodologies, and industry trends to ensure the analysis is relevant and up to date.

increase or decrease in investment is shown in cash flow from investing activities.