Answer only, No need to explain.Thankyou B. True or False. On the space provided, write TRUE if the statement is correct or FALSE if the statemis incorrect.11. Understanding finance entails an understanding of the financial environment.12. The concepts of finance are only applicable to established businesses.13. Finance and accounting are synonymous.14. Money is anything generally accepted as a means of paying for goods and services and forpaying off debts or liabilities.15. Only working individuals, entrepreneurs, and businesses have effect on the economy.16. Finance is concerned about how the players in a financial system acquire, spend, manage,and make other sound financial decisions concerning money and other financial resources.17. Career opportunities in finance are limited to commerce and industry and the government.18. As a standard of value is one of the basic function of finance.19. A Rescarch assistant is assisting lead researchers in data gathering.20. Administrative clerk performs the compliance field work.

11. True 12. False 13. False 14. True 15. False 16. False 17. False 18. True 19. True 20. False

Answered: only applicable to established…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 1CE

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External users of financial accounting information include all of the following except ________. A. lenders such as bankers B. governmental agencies such as the IRS C. employees of a business D. potential investors
I. Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs.____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are interested…
Indicate which of the following are objectives of financial accounting. (Yes/No) Objectives 1. ___________ 2. ___________ 3. ___________ 4. ___________ 5. ___________ 6. ___________ Provide information that is useful to investors and creditors. Guarantee that businesses will not go bankrupt. Provide information about resources and claims to resources. Prevent competitors from offering lower-priced products. Provide information to help users in predicting future cash flows. Maximize tax revenue to the federal government.
Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs. ____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are…
B) Indicate whether the following statements are (True) or (False) and correct the false statements: Accounting is concerned with the process institutions, markets, and instruments involved in the transfer of money among and between individuals, businesses and government Financial services are concerned with the duties of the financial manager. The corporate controller is the officer responsible for the firm's financial activities such as financial planning and fund raising. Profit maximization is the main goal of a business organization. The net accounting profit is the difference between the cash inflows and cash outflows of a given project. Financial markets are intermediaries that channel the savings of individual, businesses, and governments into loans or investments. Primary and secondary markets are markets for short-term and long-term securities, respectively. Public offering is the sale of a new security issue, typically bonds or preferred stock, directly to an investor…
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.
A major focus of this course is the process of financial reporting.a. What is meant by the term financial reporting? b. What are the principal accounting reports involved in the financial reporting process? In gen-eral terms, what is the purpose of these reports? c. Do all business entities engage in financial reporting? Explain.d. How does society benefit from the financial reporting process?
~Why would investors provide a business with cash? ~ Why must a business provide an income statement to the government? ~ Why are drawings not included in the income statement? Short explanation pls thank you
A bank loan approved for the business that has been paid into the bank account will have the following impact on the accounting equation. Group of answer choices Increase equity and increase asset Decrease an asset and decrease a liability Decrease an asset and decrease stockholders’ equity Increase an asset and increase a liability
If Firm A's business is to obtain savings from individuals and then invest them in financial assets issued by other firms or individuals, Firm A is a financial intermediary.a.Trueb.False
Identify if it will Increase, Decrease or No effect. 1.What will happen to the company’s liquidity when some of its products are sold from inventory? 2.What happens to the owner’s assets when the company purchases equipment with its cash? 3.What happens to the owner’s assets when the company repays the bank that had lent?
a. define financial accounting and explain its role in business b. how might accounting information differ at different types of businesses (public vs. private companies vs. nonprofits) c. how do GAAP impact how we present financial information

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