Give the meaning and purpose of each of the following: a. income statement b. cash flow statement c. balance sheet
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Give the meaning and purpose of each of the following:
a. income statement
b. cash flow statement
c.
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Solved in 2 steps
- 25.The financial statement that displays the revenues and expenses of a company for a particular period of time is: a.Fund Flow Statement b.Income statement c. Balance Sheet d.Cash Flow StatementPlease assist with question a), Thank you. a) The business needs to have a sense of its future cashflows and therefore requires the preparation of the following: A schedule of budgeted cash collections for the trade receivables (sales on account) for each of the months October to December. A schdule of expected cash disbursements for accounts payable (purchases on account) for each of the months October to December. A cash budget, with a total column, for the quarter ending December 31, 2021, showing the expected cash receipts and payments for each month and the ending cash balance for each of the three months, given that no financing activities took place.17 Which of the following is not the classification of budgets on the basis of time? a. Rolling budget b. Annual budget c. Current budget d. Cash budget
- The statement that shows the sources and uses of funds is: a. Fund Flow Statement b. Cash Flow Statement c. Income Statement d. Cost SheetIdentification. Write the correct answer in each statement. 1. A check merely drawn and recorded but not given to the payee before the end of the reporting period. 2. A check drawn, recorded, and already given to the payee but it bears a date subsequent to the end of reporting period.3. Two accounts having equal or same balances that when one account is debited, the other account is credited or vice versa. 4. These are items not representing deposits credited by the bank to the account of the depositor but not yet recorded by the depositor as cash receipts.5. These are checks deposited but returned by the bank because of insufficiency of fund.6. Examples of these are bank service charges, technically defective checks, and NSF checks.7. A document prepared by the bank detailing the transaction history of the account over the reporting period.8. A document or instrument evidencing time deposit.9. A bank account where the depositor is given a passbook upon the initial deposit.10. A bank…To prepare the gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalize we need to generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculate your income statement with business details and the reporting period. A) Balance Sheet B) Cash Flow Statement Income Statement D Break-even analysis
- 28 Identify an analytical tool which is/are used in management accounting. a. Budgetary control b. Ratio analysis c. Standard costing d. All of theseThe section of the annual report titled "Management Discussion and Analysis" is: Multiple Choice Required by the Securities and Exchange Commission (SEC). Not required, but it may be included by management. Required by generally accepted accounting principles (GAAP). Reported to the Securities and Exchange Commission (SEC), but it is not included in the annual report.A schedule of budgeted cash collections for trade receivables (sales on account) for each ofthe months October to December.
- The Deferred Revenue account is shown in which statement? Multiple Choice 1.Balance sheet 2. Statement of stockholders' equity 3.Income statement 4.Statement of cash flows Don't use chatgpt,I will 5 upvotes{Auditing} 6. Internal control goes beyond accounting function and incorporates both accounting and administrative control. From the following alternatives, identify which one is not a part of accounting control? a. Standard Costing b. Internal check c. Bank Reconciliation d. Performance appraisal14/Which of the following are the tools of management accounting? i. Standard costing ii. Cash flow statement iii. Budgeting iv. Responsibility accounting a. i ,ii, iii & iv b. i, ii & iii c. i, ii & iv d. ii ,iii &iv