The Home Depot financial statements include a disclosure statement regarding Leases. What is the company disclosing with this statement? They are noting that according to GAAP rules, they must report leases as assets. They are noting that according to GAAP rules, they must report leases as liabilities. They are explaining that leases are either operating or finance leases and what is included in each classification. They are disclosing that there are uncertain outcomes to the bottom line due to the nature of the leases. When long-term debt becomes due in the current account cycle, accountants: Have the entire long-term debt amount depreciated using the straight-line method. Issue a credit memo and debit a cash account. Move the portion due to an interim period account. Move the portion due to the current liabilities category. The primary function of Accounts Payable in accounting is: Tracking the increases in employee 401k accounts. Accounting for net change of gain or loss in equity. Recording vendor invoices that have not yet been paid for goods or services. Summing the assets of the company. Subsidiary ledgers are important for the following reasons: Subsidiary ledgers are a graphic representation of the general ledger account. Subsidiary ledgers determine the financial health of a company. Subsidiary ledgers provide the details and control that roll up to a general ledger account. Subsidiary ledgers give accountants a platform to perform what-if analysis. GAAP rules require disclosures related to current liabilities because: Stakeholders need to know the details behind the numbers reported in the financial statements. Anecdotal information is required by investors in order to make wise investment decisions. The SEC requires these disclosures to expedite audits. Local government uses current liability disclosures in order to assess proper taxation. explain correct answer please give right answer

The Home Depot financial statements include a disclosure statement regarding Leases. What is the company disclosing with this statement? They are noting that according to GAAP rules, they must report leases as assets. They are noting that according to GAAP rules, they must report leases as liabilities. They are explaining that leases are either operating or finance leases and what is included in each classification. They are disclosing that there are uncertain outcomes to the bottom line due to the nature of the leases. When long-term debt becomes due in the current account cycle, accountants: Have the entire long-term debt amount depreciated using the straight-line method. Issue a credit memo and debit a cash account. Move the portion due to an interim period account. Move the portion due to the current liabilities category. The primary function of Accounts Payable in accounting is: Tracking the increases in employee 401k accounts. Accounting for net change of gain or loss in equity. Recording vendor invoices that have not yet been paid for goods or services. Summing the assets of the company. Subsidiary ledgers are important for the following reasons: Subsidiary ledgers are a graphic representation of the general ledger account. Subsidiary ledgers determine the financial health of a company. Subsidiary ledgers provide the details and control that roll up to a general ledger account. Subsidiary ledgers give accountants a platform to perform what-if analysis. GAAP rules require disclosures related to current liabilities because: Stakeholders need to know the details behind the numbers reported in the financial statements. Anecdotal information is required by investors in order to make wise investment decisions. The SEC requires these disclosures to expedite audits. Local government uses current liability disclosures in order to assess proper taxation. explain correct answer please give right answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The Home Depot financial statements include a disclosure statement regarding Leases. What is the company disclosing with this statement?

They are noting that according to GAAP rules, they must report leases as assets.

They are noting that according to GAAP rules, they must report leases as liabilities.

They are explaining that leases are either operating or finance leases and what is included in each classification.

They are disclosing that there are uncertain outcomes to the bottom line due to the nature of the leases.

When long-term debt becomes due in the current account cycle, accountants:

Have the entire long-term debt amount depreciated using the straight-line method.

Issue a credit memo and debit a cash account.

Move the portion due to an interim period account.

Move the portion due to the current liabilities category.

The primary function of Accounts Payable in accounting is:

Tracking the increases in employee 401k accounts.

Accounting for net change of gain or loss in equity.

Recording vendor invoices that have not yet been paid for goods or services.

Summing the assets of the company.

Subsidiary ledgers are important for the following reasons:

Subsidiary ledgers are a graphic representation of the general ledger account.

Subsidiary ledgers determine the financial health of a company.

Subsidiary ledgers provide the details and control that roll up to a general ledger account.

Subsidiary ledgers give accountants a platform to perform what-if analysis.

GAAP rules require disclosures related to current liabilities because:

Stakeholders need to know the details behind the numbers reported in the financial statements.

Anecdotal information is required by investors in order to make wise investment decisions.

The SEC requires these disclosures to expedite audits.

Local government uses current liability disclosures in order to assess proper taxation.

explain correct answer please give right answer

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