Financial accounting includes which one of the following?

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Amalia Pfeffer asked a question: Financial accounting includes which one of the following?
Asked By: Amalia Pfeffer
Date created: Fri, May 14, 2021 10:57 PM
Date updated: Thu, Sep 22, 2022 5:36 AM

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Top best answers to the question «Financial accounting includes which one of the following»

Financial accounting generates the following general-purpose, external, financial statements:

  • Income statement (sometimes referred to as "results of operations" or "earnings statement" or "profit and loss [P&L] statement")
  • Statement of comprehensive income
  • Balance sheet (sometimes referred to as "statement of financial position")
  • Statement of cash flows (sometimes referred to as "cash flow statement")
  • Statement of stockholders' equity

10 other answers

a. The transaction would not be reported because the cash was not exchanged. b. $350 would show up on the balance sheet as a sale. c. $350 would show up on the statement of cash flows as a cash outflow. d. $350 would show up on the income statement as a sale. d. $350 would show up on the income statement as a sale.

Financial accounting generates the following general-purpose, external, financial statements: Income statement (sometimes referred to as "results of operations" or "earnings statement" or "profit and loss [P&L] statement") Statement of comprehensive income Balance sheet (sometimes referred to as "statement of financial position")

The major underlying assumptions of accounting include all of the following except: ... Which financial accounting number impacts stock prices more than any other single piece of information? ... One disadvantage of the corporate form of business is: Double taxation.

Answer Selected Answer: Point of sale Correct Answer: Point of sale Response Feedback: Question 4 2 out of 2 points Statement of Financial Accounting Concepts No. 1, “ Objectives of Financial Reporting by Business Enterprises,” includes all of the following objectives, except one.

Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use.

The concepts and rules that govern financial accounting practice… From the following statements, select the one that describes the effect of dividends on equity… The correct definition of a balance sheet includes which of the following statements? (Check all that apply.)

The portfolio of bonds that are issued during a particular fiscal period. A document detailing the promises made by the bond issuer. The relationship between the effective interest and the stated interest rates. A document detailing the promises made by the bond issuer.

A) Monitoring the development of GAAP within the accounting profession and using its stature to influence that development. B) Exercising its statutory authority to prescribe external financial reporting requirements. C) Allying with the AICPA to lobby the efforts of the FASB. D) Providing auxiliary funding to the FASB.

Financial accounts are primarily for external users and management accounts are primarily for internal users. Financial accounts are normally produced annually and management accounts are normally produced monthly. Financial accounts are more accurate than management accounts.

In general, financial accounting refers to the aggregation of accounting information into financial statements, while managerial accounting refers to the internal processes used to account for business transactions. There are a number of differences between financial and managerial accounting, which are noted below.

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