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Financial Statements
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
5,583 Questions
What are the opening journal entry used in posting issued shares in a new company?
debit cash / bank /assets
credit share capital account
Is this stament true. Asset accounts are listed on the right side of the accounting equation.?
False. Assets have debit balances which are on the left hand side of a journal entry or trial balance.
The money a firm gets through selling its goods and services to customers is referred to as sales revenue. All product and service sales are included in sales revenue, but they are not necessarily counted in real time. The income a corporation receives through the selling of goods or even the supply of services is referred to as sales revenue. Revenue is a company's total gross income, with sales of goods or services being the primary source of revenue for most businesses. Gross revenue refers to the whole amount of money earned from a sale, excluding any expenses incurred from any source.
What effects the gross profit?
Gross profit or gross margin is equal to:
Sales less: Costs of Goods Sold
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The trial balance is a statement that shows all debts and credits. This is meant to show any error within the books.
What is the definition of financial problem?
A risk factor related to the family's inability to provide sufficient financial resources to meet minimum needs
What are the advantages using manual accounting?
With manual accounting, you don't have to worry about making mistakes.
What efforts are made to overcome accounting limitations?
what efforts have been made to overcome the limitations of financial accounting
Difference between cash flow statement and cash book?
Cash book is made before making Balance sheet because ash book balance is transfer to balance sheet but Cash flow statement is made after balance sheet.
2. Cash book is subsidiary book of accounts and cash flow statement is a Financial Statement.
What economic events prompting increase in the life of depreciable assets?
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Examples of error of commission?
Error of commission is a classification error. An example of an error of commission is when a pixel shows trees in a picture when there are no trees present.
What is the meaning of interim financial statement?
Interim financial statements are the documents that enclosed with the complete financial aspects of a business or other individual for less than one calendar year. Mostly these interim financial statements are issued to cover a three month of financial activity of a business.
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Board designated funds are not restricted. Funds can only be restricted by the donor. Therefore when the board restricts or designates the funds for a purpose they are still considered unrestricted.
Restructuring charges be classified as an operating expense or as a nonoperating expense?
Should restructuring charges be classified as an operating expense or as a nonoperating expense?
check your answer
Do cash flows include depreciation?
Depreciation don't have any impact on cash flow statement as there is no cash inflow or outflow due to depreciation that's why in indirect method net income is adjusted for depreciation to arrive at actual cash flow.
What are the limitations of consolidated financial statements?
"Consolidated financial statements are of limited use to noncontrolling stockholders, to subsidiary creditors, and possibly to regulatory agencies. Also, when highly diversified companies operate across several industries, the aggregation of dissimilar data makes analysis difficult." (4th edition of Advanced Accounting by Debra C. Jeter and Paul K. Chaney, Chapter 3 page 113)
How do you record financial transactions?
- Identify the two items that are affected.
- Determine which of them is increasing or decreasing.
- Decide on whether to debit or credit.
- Make sure that there are debit and credit entries and that they are both of the same amount.
Purchase equipment for 125000 for cash where does this go on a cash flow statement?
it will shown under cash flow from financing activities as cash outflow.
