what is not thought about one of the 3 major financial statements? A. Balance sheetB. Income Statementc. Statement of cash flowsD. Statement of budgeting activities


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Which business organization recognized as a sepaprice legal entity under the law?a. Corporationb. single propriteorshipc. partnershipd. all three
A balance sheet is designed to show the financial position of an entity: a. at a duration of timeb. over a duration of time such as year or quarterc. at dec 31 of the present yeard. at jan first of the coming year
Financial statements might be all set for:a. one yearb. much less than one yearc. A and also B d. neither a and also b
accounts payable and notes payable are:a. constantly less than the amount of cash a busniess ownsb. creditorsc. created assures to pay specific amount, plus interest, at a definite future dated. liabilities
the ideal meaning of an bookkeeping system is:A. Journals, ledgers, and also worksheetsb. manual or computer based documents provided in arising information about an entityc. the personnel, measures, devices, and also records supplied by an entity to construct bookkeeping details and also communicate this info to decision makersd. the ideas, principles, and also standards specifying the information which need to be included in financial statements and how that information should be presented
which of the following is the major objective of financial statements?a. giving managers through in-depth information tailored to the supervisors certain information needsb. giving people outside the bus company with details about the firm financial place and also operating outcomes c. reporting to the inner revenue business the agency taxable incomed. indicating to investors in a certain firm the present sector values of their investments
The area of accounting may best be explained as:a. recording the financial transactions of an economic entityb. occurring info in conformity with generally accepted accountancy principlesc. the art of interpreting, measuring, and also describing financial activityd. emerging the information compelled for the preparation of revenue tax returns
The fundamental objective of bookeeping is to:A. provide financial info around an economic entityb. develop the forms of info best suited to certain managerial decisions c. records the financial transactions of an financial entity d. recognize the taxable revenue of indiviaidals and business entities
a balance sheet is designed to show: A. just how much a company is worthb. the profitcapability of the company during a existing yearc. the assets, liabilities, and also owners equity of a organization as of a certain dated. the expense of replacing the ascollection and also paying off the liabilities at december 31
The standard objective of an audit is to: A.Assure financial statements are in conformity with GAAPB. Provide as a lot valuable information to decision devices as feasible, regardmuch less of costC. Record transforms in the financial position of an organization by using the concepts of double entry accountingD. Meet an organization"s require for accountancy information as successfully as possible
Although accountancy information is supplied by a wide variety of exterior parties, financial reporting is mostly directed towards the indevelopment demands of:A. investors and creditorsB. government agencies such as the Internal Revenue Service C. customersD. trade associations and also labor unions
The balance sheet item that represents the percent of owners" equity resulting from profitable operation of the company is:A. Accounts receivable. B. Cash.C. Capital stock.D. Retained income.
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