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ACC 2100

Chapter 1

QuestionAnswer
Purchasing resources that a company needs in order to operate is called investing activity
The income statement does not report cash received from the sale of stock because it is not considered revenue (T/F) T
Which financial statement provides information for a specific point in time? Balance Sheet
Which financial statement summarizes the financial position of a company? Balance Sheet
The ________ in an annual report give a fair depiction of a company’s financial position and operating results. Auditors Report
Q 1.24: The notes to the financial statement are _____ brief and few in number. seldom
Q 1.21: In an annual report, which of the following contains explanations of uncertainties and contingencies regarding the company’s financial statements? notes to the financial statements
When a manufacturer uses its resources to produce goods to sell to other companies, it is engaging in operating
Q 1.82: When a company buys stock in another company, it is called a financing activity. (T/F) F
Investing involves purchasing the resources the company needs in order to operate
Order of Financial Statements? Income Statement, Ret. Earnings Statement, Balance Sheet
Financing Activities "get capitol' get a loan, increase liabilities. Get Equity by issuing stock. Borrow form creditors.
Investing Activities buying and selling ASSETS. ex. land, building, equipment
Operating Activities day to day operations. Generate REVENUES (from sales or service). Subtract EXPENSES "cost of doing business"
Income Statement Revenue-expenses=net income/loss. Reports the success or failure of a business for a period of time (month, qtr, year)
Retained Earnings Statment Beginning Balance in Ret. Earnings at Jan 1st + Net income - dividends = Ending Balance in Retained Earning at Dec. 31st (covers a time period)
Balance Sheet Shows only a point in time. Assets=Liabilities + Stockholders Equity. "The basic accounting equation"
Statement of Cash Flows financial info and cash receipts from operating, investing, and financing activities
What affects stockholder equity? R.E.D. Revenue, expenses, dividends.
Stockholders’ equity represents claims of owners
Annual Report (4 parts) required by SEC for publicly held cooperations. Must have four financial statements, managements discussion and analysis, notes to financial statements, and auditors report
Management Discussion and Anaysis presents highlights of favorable or unfavorable trends and identifies significant events and uncertainties affecting a company’s ability to pay near-term obligations, and a company’s ability to fund operations and expansion
Notes to Financial tatmnts discolse details of accounts and methods used.
Auditors Report must be done by outside CPA, an unqualified opinion is a favorable result
Created by: mghamiter