I am struggling in my accounting coarse and need help with breaking down the accounting equation, debits and credits. What will increase and decrease in the accounting equation, how different transactions affect the income statement and statement of cash flows. Also, understand how different formulas affect the accounting equation. I understand the basics: Assets= Liabilities + Stockholder equity. The account titles and transactions confuses me and solving math problems. We have completed Chapters 1-4 in Accounting 211. The textbook being used is Fundamental Financial Accounting Concepts.Warm regards,Kendra

Most of the professional accountants support Historical cost accounting over the Current cost accounting. As per the statements given evaluate their agreement in support of historical cost accounting I) The amounts are reliable, they can always be verified, and they exist on invoices and documents. II) The amounts in the statement of financial position can be matched perfectly with the amounts in the statement of cash flows. III) In times of rising prices, the conventional system of accounts based on historical cost does not give a true and fair view of the business enterprise IV) Historical cost is basically verifiable; this minimizes the risk of manipulation of figures by the managers.    a. Statements I, III and IV b.   Statement I, II and IV    c. Statements I, II, III and IV d.   Statements I, II and III

Consider the following statements. For each one of them state whether the statement is true or false and provide a brief explanation to support your answer. a) Financial accounting is targeted at external users while management accounting focuses on internal users. b)  The trial balance is part of a company’s financial statements. c)  Bank loans are always non-current liabilities.   d)  In accounting, revenues are recognised whenever there is a cash transfer. e)  As understandability is one of the key characteristics of accounting according to the IASB conceptual framework, transactions that are too difficult should not be recognised in the accounts.

Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1.    The objective of financial statements emphasizes a stewardship approach for reporting financial information. 2.    The purpose of the objective of financial reporting is to prepare a balance sheet, an income statement, a statement of cash flows, and a statement of owners’ or stockholders’ equity. 3.    Because they are generally shorter, FASB interpretations are subject to less due process, compared to FASB standards. 4.    The objective of financial reporting uses an entity rather than a proprietary approach in determining what information to report.

In her 1988 article called ‘Financial Accounting: In Communicating Reality, We Construct Reality’, Ruth Hines argues that accountants have a hidden power: “We create a picture of an organization, or the ‘economy’, whatever you like, and based on that picture (not some underlying ‘real’ reality of which no-one is aware), people think and act.  And by responding to that picture of reality, they make it so: it becomes ‘real in its consequences”. REQUIRED: In your own words, describe Ruth Hines’ argument and explain what this tells us about the fundamental limitations of financial accounting.  (800 words)

I was provided a T-account and was tasked with giving the Net cash provided by financing activities.  I'm not having any luck with the solution. See my spreadsheet image for context

Which of the following statements about users of accounting information is correct? a. Management is an external user. b. Taxing authorities are internal users. c. Present creditors are external users. d. Regulatory authorities are internal users. 2. Performing services for cash will have the following effects on the components of the basic accounting equation: a. increase assets and decrease owner’s equity. b. increase assets and increase owner’s equity. c. increase assets and increase liabilities. d. increase liabilities and increase owner’s equity. 3. Which of the following events is recorded in the accounting records? a. Equipment is purchased on account. b. An employee is terminated. c. A proposal to diversify investment in the business. d. The manager is hired for a salary of $ 3,000 per month.

I sent this question in and got the wrong answer. I need a classical balance sheet, not an income statement or retained earnings report. I did this personally and can't get it to balance. E2-5 I need (((((Assets = Liabilities + Stockholders Equity)))))

Prepare a two-column analysis that illustrates steps management might take to improve the appear-ance of its company’s financial statements. In the left column, briefly identify three steps that might be taken. In the right column, briefly describe for each step the impact on the balance sheet, income statement, and statement of cash flows. If there is no impact on one or more of these finan-cial statements, indicate that.

While you know that the balance sheet aging of receivables method is more accurate, it does require more company resources (e.g., time and money) that are currently applied elsewhere in the business. Using the income statement method is acceptable under generally accepted accounting principles(GAAP), but should you switch to the more accurate method even if your resources are constrained? Do you have a responsibility to the public to change methods if you know one is a better estimation?