e a 10 company according to the three major types of businesses
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1. Name a 10 company according to the three major types of businesses
2. Define the three major elements of
- assets
- liabilities
- shareholders' equity
Step by step
Solved in 2 steps
- Show the expanded accounting equation using the 10 elements of financial accounting.Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.Define the three major elements of accounting equation: assets liabilities shareholders' equity
- Match each account type with its description Account Classifications Descriptions 1. Assets 2. Liabilities 3. Stockholders’ equity 4. Dividends 5. Revenues 6. Expenses a. Sales of products or services. b. Owners’ claims to resources. c. Distributions to stockholders. d. Costs of selling products or services. e. Resources of a company. f. Amounts owed.Definitional problems: Listed are eight terms that relate to financial statements:1. Balance-sheet statement2. Income statement3. Cash-flow statement4. Operating activities5. Investment activities6. Financing activities7. Treasury account8. Capital accountChoose the term from the list that most appropriately completes each of the following statements:1. As an outside investor, you would view a firm's____________ as the most important financial report for gauging the quality of earnings.2. Retained earnings as reported in the________ represent income earnedby the firm in past years that has not been paid out as dividends.3. The_________ is designed to show how a firm's operations have affectedits cash position by providing actual net cash flows into or out of the firmduring some specified period.4. Typically, a firm's cash flow statement is categorized into three activities:________ ,________and ___________,5. When you issue stock, the money raised beyond the par value is shown in the…E2-3 (Elements of Financial Statements) Ten interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are provided below. Assets Distributions to owners Expenses Liabilities Comprehensive income Gains Equity Investments by owners Revenues Losses qxd 10/24/02 9:18 AM Page 52 mac76 mac76:385_reb: 25/34 $2 • Chapter 2 Conceptual Framework Underlying Financial Accounting Instructions Identify the element or elements associated with the 12 items below. (a) Arises from peripheral or incidental transactions. (b) Obligation to transfer resources arising from a past transaction. (c) Increases ownership interest. (d) Declares and pays cash dividends to owners. (e) Increases in net assets in a period from nonowner sources. (f) Items characterized by service potential or future economic benefit. (g) Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners. (h)…
- please help me explain the relationships of 5 financial elements (A, L, E, Exp, Rev) using accounting equation with an example.5. Which financial information is found in a company's annual report? A. Employee salaries B. Marketing strategies • C. Financial statements • D. All of the aboveQuestion: 1) explain the similarities and differences between financial and management accounting. discuss any four points.
- Explain the following four Financial Statements as it relates to the Management of a Small and Medium Enterprise.a. The Balance Sheetb. The Profit and Loss Statementd. Income and ExpenditureWhich one of the following elements of financial statement helps in understanding the financial performance of the business? Expense, Asset and Income Incomes and expenses Liability, Income and Equity Asset, Equity and Liability zull lis usI TOSHIBA PRTSC SYSRO S11 F12Explain the following four Financial Statements as it relates to the Management of a Small and Medium Enterprise.a. The Balance Sheetb. The Profit and Loss Statementc. Cash Flow Statementd. Income and Expenditure
