The balance sheet includes information on the resources,financial structure,solvency and adaptability of a reporting entity. Discuss in 250 words or less.
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- The metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholdersThe three heading lines of financial statements typically include which of the following? company, statement title, time period of report company headquarters, statement title, name of preparer statement title, time period of report, name of preparer name of auditor, statement title, fiscal year endIn 200-300 words , describe the importance and benefits of preparing accounts and implementing accounting policies as per GAAP (general accepted accounting principle)
- A primary focus of financial reporting about a company's performance during an accounting period is information related to the company's: a. Balance Sheet b. Income Statement c. Comprehensive Income d. Cash FlowsRespond to the following in a minimum of 175 words: Describe the purpose of the five primary financial statements. Statement of Comprehensive Income Income Statement Balance Sheet Statement of Cash Flows Statement of Shareholder's Equity Give an example of a profitability, liquidity, and solvency ratio and explain the components and which financial statement would provide the information.Identify and discuss seven users of accounting information, clearly stating why they need financial information.
- Which of the following is most associated with financial accounting reports? a.can be prepared for the entity or segment b.prepared in accordance with GAAP c.can be prepared periodically, or as needed d.can have both objective and subjective informationIn a common-size Balance Sheet, all items on the statement are divided by _________. a. total assets b. total liabilities c. net sales d. total shareholders' equityDescribe the basic accounting equation that provides thestructure for the balance sheet. Define the three majorcomponents reported on the balance sheet
- Identify four other users of financial statements and explain their information needsQuestion: When preparing financial statements, which involve the culmination of various accounting principles and concepts, the process is crucial in portraying a company's financial health and performance. Among the key components, the income statement and the balance sheet stand as fundamental snapshots. The income statement delineates a company's revenues, expenses, and ultimately its profitability over a specific period, employing either the accrual basis or cash basis accounting. On the other hand, the balance sheet provides an overview of a company's assets, liabilities, and shareholders' equity at a given point in time, adhering to the accounting equation where assets are equal to liabilities plus shareholders' equity. Furthermore, the matching principle necessitates that expenses be recorded in the same period as the related revenues they helped generate, facilitating a more accurate representation of the company's financial performance. In the context of accounting…Which of the following is most associated with financial accounting reports? a.prepared in accordance with GAAP b.can have both objective and subjective information c.can be prepared for the entity or segment d.can be prepared periodically, or as needed
