--------------- 1. Rs.50‚000 2. Rs.100‚000 3. Rs.150‚000 4. Rs.200‚000 5. The financial statement that reports assets‚ liabilities and owners’ equity is the -------- 1. income statement 2. statement of owner’s equity 3. balance sheet 4. statement of cash flows 6. Events are recorded by a business if assets‚ liabilities‚ or owner’s equity are affected. Select the event(s) that should be recorded in the business records from those listed below. 1. Customer purchases
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the General Fund of the reporting entity? Does the report state the basis of accounting used for the General Fund? What types of assets are included on the govern- mental funds balance sheet? Do current and noncurrent assets appear on the balance sheet? Do current and noncurrent liabilities appear on the balance sheet? Is this reporting consistent with the basis of accounting being followed? c. Other Governmental Fund Types. List the names of governmental funds other than the General Fund that
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loss accounts and a balance sheet. A trading‚ profit and loss account shows the firm’s financial performance over a given time period‚ usually one year. The trading account of the Trading Profit and Loss Account will show the businesses gross profit before taking into account other expenses such as overheads. The profit and loss account shows them their final net profit of that year. http://www.bbc.co.uk/schools/gcsebitesize/business/finance/accountsrev1.shtml Balance Sheet: This is a financial
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Teacher Resource Bank GCE Accounting Scheme of Work (Revised August 2011) Copyright © 2011 AQA and its licensors. All rights reserved. The Assessment and Qualifications Alliance (AQA) is a company limited by guarantee registered in England and Wales (company number 3644723) and a registered charity (registered charity number 1073334). Registered address: AQA‚ Devas Street‚ Manchester M15 6EX. Mr Andrew Hall‚ Chief Executive. Teacher Resource Bank / GCE Accounting / Scheme of Work /
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the world’s information and make it universally accessible and useful”. After closely researching and analyzing certain financial statements‚ we would recommend anyone to invest in Google Incorporated. Google’s income statement‚ cash flow‚ and balance sheet all reveal that Google is one of the top rising corporations that has an abyss of accomplishments in the technology industry and is only expected to continue expanding. Some of Google’s accomplishments include Google Maps‚ YouTube‚ Gmail‚ Android
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regarding that issuer‚ the issuer shall make public disclosure of that information . . . simultaneously‚ in the case of an intentional disclosure; and . . . promptly‚ in the case of a non-intentional disclosure.” Topic: Components of the Balance Sheet LO: 2 3. A list of assets‚ liabilities and equity can
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and accounts receivable. This report is a good indicator of the operational management of the company and the impact of their accounts receivable collection activities. A company can appear financially sound based on the income statement and balance sheets when it is not. A cash flow statement adds context to the reports and reflects the actual cash position. The financial statement of a company provides a great opportunity to learn about the company’s finances. Take the time to compare the three
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Course: ACC/280 Date: P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. (a) Complete the worksheet by extending the balances to the financial statement columns. PORTER COMPANY Work Sheet (Partial) For the Year Ended December 31‚ 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash $18‚800 $18‚800 Accounts
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statements? How are the financial statements interrelated? Balance Sheet -summarizes the assets‚ liabilities and owner’s equity at a specific point in time Income Statement - summarizes the revenues and expenses‚ hence giving the net income Statement of Retained Earnings - summarizes the income earned and dividends paid out over the life of a business (Beginning balance + Net income for the period - Dividends for the period = Ending balance) Net income increases retained earnings‚ dividends decrease
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its overall performance. In the accounting world there are four main financial statements that are universally understood and prepared for most publically traded companies and many small and medium sized businesses: the income statement‚ the balance sheet‚ the statement of cash flows‚ and the statement of retained earnings (sometimes referred to as shareholders’ equity). A fundamental ability to properly interpret the information these statements contain allows internal and external users to make
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