Clear selecti24. The statement that shows the performance of a business over a coveredperiod *statement of changes in owner's equityO statement of financlal positionO income statementO statement of cash flows25. The statement that shows the changes in the capital account of the busineowner.

Name: Clear selecti24. The statement that shows the performance of a busine
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Description: Clear selecti24. The statement that shows the performance of a business over a coveredperiod *statement of changes in owner's equityO statement of financlal positionO income statementO statement of cash flows25. The statement that shows the changes

Introduction: Statement of cash flows: All cash in and out flows are shown in Cash flows statement.…

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Business

Accounting

24. The statement that shows the performance of a business over a covered period * statement of changes in owner's equity etatomant of financial pesition

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 1MC: Which of these statements is not one of the financial statements? A. income statement B. balance...

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Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
Which financial statement shows the financial performance of the company on a cash basis? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
Effects of transactions on stockholders’ equity Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity. a. Issued common stock for cash. l. Received cash for fees earned. c. Paid cash for utilities expense. d. Paid cash for rent expense. e. Paid cash dividends.
Effects of transactions on stockholders’ equity For Target Corporation (TGT), indicate whether the following transactions would (1) increase, (2) decrease, or (3) have no effect on stockholders’ equity. a. Borrowed money front the bank. b. Paid creditors. c. Made cash sales to customers. d. Purchased store equipment. e. Paid dividends. f. Paid store rent. g. Paid interest expense. h. Sold store equipment at a gain. i. Received interest revenue. j. Paid taxes.
Each situation below relates to an independent companys Owners Equity. A. Calculate the missing values. B. Based on your calculations, make observations about each company.
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. paid advertising expense B. paid dividends to shareholders C. purchased business equipment D. sold merchandise to customers E. purchased plant assets
On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial condition
Owners equity represents which of the following? A. the amount of funding the company has from issuing bonds B. the sum of the retained earnings and accounts receivable account balances C. the total of retained earnings plus paid-in capital D. the business owners/owners share of the company, also known as net worth or net assets
Which of the following is the correct order of preparing the financial statements? A. income statement, statement of cash flows, balance sheet, statement of owners equity B. income statement, statement of owners equity, balance sheet, statement of cash flows C. income statement, balance sheet, statement of owners equity, statement of cash flows D. income statement, balance sheet, statement of cash flows, statement of owners equity
On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.