The element of financial performance is a) © Accounts payable. b)© Capital. © Sales revenue. d) @ Cash
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The element of financial performance is
- a) © Accounts payable.
- b)© Capital.
- © Sales revenue.
- d) @ Cash
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Solved in 2 steps
- Requirements:A. Prepare a Statement of Financial PositionB. Determine the Net IncomeAccounts Receivable will appear on which of the following financial statements?a. Income statementb. Statement of retained earningsc. Balance sheetd. Statement of cash flowsFor each ofthe following accounts, identify whether that item is an asset, liability, or equity account.a. Bonds payableb. Equipmentc. Accounts payabled. Salaries payablee. Common stockf. Retained earningsg. Cashh. Accounts receivablei. Sales revenuej. Inventory
- Explain the usefulness of Financial statement information to the following stakeholders: i. Financial Analyst ii. Employee iii. Debtors iv .Government Agency y s gencyWhat data flows from the statement of retained earnings to the balance sheet?a. Net incomeb. Cashc. Ending retained earningsd. Assetsmajor disclosure requirements for revenue accounts, capital. assets and liabilities
- The assumption that requires that only those things that can be expressed in money are included in the accounting records is the• periodicity assumption.• monetary unit assumption.economic entity assumption.• going concern assumptionWhich of the following fi nancial statements is generallyprepared fi rst?a. Income statement.b. Balance sheet.c. Statement of retained earnings.d. Statement of cash fl ows.Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account? As a deposit reported as an asset on the balance sheet A liability reported on the balance sheet Revenue reported on the income statement Deferred revenue reported as comprehensive income
- Main objective of financial accountingIn the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
