FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
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- FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forwardFINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.arrow_forwardIdentify the correct components of the income statement. A. revenues, losses, expenses, and gains B. assets, liabilities, and owners equity C. revenues, expenses, investments by owners, distributions to owners D. assets, liabilities, and dividendsarrow_forward
- The balance sheet lists which of the following? A. assets, liabilities, and owners equity B. revenues, expenses, gains, and losses C. assets, liabilities, and investments by owners D. revenues, expenses, gains, and distributions to ownersarrow_forwardWhat are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.arrow_forwardWhich of the following financial statements should be prepared first? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flowsarrow_forward
- Financial statement items Identify each of the following items as (a) an asset, (h) a liability, (c) revenue, (d) an expense, or (e) a dividend:arrow_forwardAccording to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?arrow_forwardDefine current assets and current liabilities. Why are current assets and current liabilities separated from noncurrent assets and long-term liabilities on the balance sheet?arrow_forward
- Which is the only ratio required to be reported on the face of a companys financial statements? What are the two ways the ratio is required to be reported?arrow_forwardDoes the order in which financial statements are prepared matter?arrow_forwardThe metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholdersarrow_forward
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