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- 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?Which of the following is true about earnings management? A. It works within the constraints of GAAP. B. It works outside the constraints of GAAP. C. It tries to improve stakeholders views of the companys financial position. D. Both B and C E. Both A and CWhat is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.
- Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.What are the accounting implications of an accounting model whose measurement focus is on “current financial resources”?"What are the main components of a company's balance sheet, and how do they provide insight into the company's financial position?"
- What are the types of Balance Sheet analysis and how can it help a business.Which of the basic financial statements is best used to answer the question, "How profitable is the business?" a. Income statement O b. Statement of shareholder's equity O c. Accounts receivable aging schedule O d. Balance sheetWhat is the purpose of a balance sheet in accounting, and what information does it provide about a company's financial position?
- What do you mean by accounting in business? Explain the Accounting Cycle in detail?Which of the following is a major challenge facing the accounting profession? O A. Accounting for hard assets O B. Backward-looking information O. Financial measurements O D. TimelinessHow does accounting provide useful information about economic activities?