FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
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Students have asked these similar questions
Financial accounting provides economic and financial information for all of the following except
Select one:
a. creditors.
b. investors.
c.other external users.
d.managers.
Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the Financial Accounting Standards Board in developing stands. Concepts Statement No. 6 defines various elements of financial statements.
Instructions:
Answer the following questions based on SFAC No. 6:
a. Define and discuss the term "equity."
b. What transactions or events change owner's equity?
c. Define "investments by owners" and provide examples of this type of transaction. What financial statement element other than equity is typically affected by owner investments?
d. Define "distributions to owners" and provide examples of this type of transaction. What financial statement element other than equity is typically affected by distributions?
e. What are examples of changes within owners' equity that do not change the total amount of owners' equity?
Explain the usefulness of Financial statement information to the following stakeholders:
i. Financial Analyst
ii. Employee
iii. Debtors
iv .Government Agency
y s gency
Knowledge Booster
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