Financial Statements

scope of accounting with answer some points?

Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset

internal auditors perform an operational audit as part of their assurance services they render to oganisations.

There are a few financial organizations with the initials/reference to CNI including the following:

* Century National Insurance (insurance)

* Clarendon National Insurance (insurance)

* Columbia National Insurance (insurance)

* Consolidated National Insurers (insurance and reinsurance)

* CNI Charter Funds (funds)

* City National Investments (various)

* Capital Network Incorporated (corporate fund management)

NEGOTIATED discounts is the term used to describe automatic discounts that merchants apply at the time of a sale when you use your purchase card to make a purchase.

The advantage of using comparative statements of financial analysis is that makes it possible for a company to see how account values have changed over a period or periods of time. It also allows companies to trace what has happened to key assets and liabilities over the pwo or three years. It can be called the "trendy analysis"

Return on total assets = net income / total assets *100

Return on total assets = 30000 / 500000 * 100 = 6%

Owners equity can be decreased by obtaining finance from debt instead of issuing shares.

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Prodded by new product introductions and positive demographic trends, vacuum cleaner sales rocketed from $775 million in 1982 to $1.87 billion in 1990, reflecting an average annual growth rate of more than 10 per

Wages Expenses comes under "Cash flows from operating activities" and are part of net profit from operations.

Dividend payments are negative Cash Flows for Financing Activities because they decrease the amount the company has on hand.

Leasehold means all premises acquired on lease agreement to be used in business for revenue generation.

It is ok with there is no opening or closing inventory in that case where company is starting business first month and also there would be no beginning inventory if in last month there were no closing inventory in that case purchases are considered as cost of goods sold.

yes

It's neither. The suspense account is a balance used to force the trial balance to agree. Once the errors have been located the respective amounts are debited or credited out of the suspense account until the balance is zero.

DR Dividends $xx.xx

CR Cash $xx.xx

accumulated depreciation is an asset, so it will increase with a debit.

Direct and indirect method of preparing cash flow statement is same with only one difference which is under indirect method 'Cash flow from operating activities' is prepared by adjusting the net profit amount for non cash items while 'Cash flow from financing activities' and 'Cash flow from investing activities' is prepared in same manner in both methods.

Yes it describes your business plan and helps you to grow in the proper way. A business plan gives others especially lenders an insight into the business, the strategies and the ROI (Return on Investment) expected along with the allocation of resources. To know more visit (See related Link)

It is considered a current asset as in it is not an account and should have a seperate t chart.

When there is a parent and subsidiary companies exists in that situation the combined financial information of parent company as well as subsidiary companies are shown under one statment which are called consolidated financial statements so in consolidated profit and loss account combined information of both parent and subsidiaries shown together rather preparing separate statements.

There are various steps to increase the gross profit. You have to increase the efficiency of the workers. The waste produced must be recycled to save money.

A check received doesn't actually go on the "balance sheet" but instead is debited to the cash account. When receiving a check, debit cash and credit the appropriate account for the transaction.

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