Financial statement of a company taken from the internet. O Primary data
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- ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting systemConvert a company’s reported financial statements from LIFO to FIFO for purposes ofcomparison.Th e collection of all business transactions sorted by account in an accounting system is referred to as: C . a general journal.
- balance sheet of Heads up Company inc.The ledger that contains the financial statement accounts of a company is the a. General journal. d. General ledger. b. Column balance journal. e. Special journal. c. Special ledger.Accumulated other comprehensive income (AOCI) appears as a subsection of shareholders' equity on the balance sheet. Discuss the components of AOCI. What information does the AOCI convey to financial statement users about the financial health of a business?
- Match each account type with its description Account Classifications Descriptions 1. Assets 2. Liabilities 3. Stockholders’ equity 4. Dividends 5. Revenues 6. Expenses a. Sales of products or services. b. Owners’ claims to resources. c. Distributions to stockholders. d. Costs of selling products or services. e. Resources of a company. f. Amounts owed.Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e. Governmental g. Language of businessb. Identifying d. Communicating f. Technology h. Recordkeeping (bookkeeping) is the recording of transactions and events, either manually or electronically.CHOOSE A, B,C OR D Management accounting serves following purposes:A. provision of information used by management of a business entity for decision making, planning and performance evaluationB. producing general purpose financial statementsC. meeting regulatory requirementsD. display the income and expenditure for the company and a summary of the assets, liabilities, and shareholders or owners’ equity of the company on the date the accounts were prepared to by usage of Double-entry accounting systemAnswer the question and explain why did you pick this answer
- SFP stands for the statement of financial statement . IS stands for Income statement that includes the revenues and expenses of the company. Please help. Thank you!Th e collection of all business transactions sorted by account in an accounting system is referred to as: B . a general ledger.Which financial statement would you look at to understand a company's revenues, cost of goods sold, and expenses? A. Statement of financial position B. Statement of retained earnings C. Balance sheet D. Income statement