Answered: Which among the following statements…

Which among the following statements shows the financial position of a business as on a particular date? Accounting records Cash Flow Statement Balance Sheet Income statement

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 3MC: According to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is...

See similar textbooks

Related questions

Q: 3)A list of assets, liabilities and owner's equity of a business entity as of a specific date is :…

A: Balance sheet shows the position of a firm at a specific point of time. It is prepared at the year…

Q: Which of the following is not one of the purposes of financial statements? a) Presenting useful…

A: Financial statement typically contains Income Statement Balance Sheet Cash flow statement Income…

Q: Which of the following is true of financial accounting information? Select one: a.It focuses on the…

A: Financing accounting information determines the financial status and health of a business. This is…

Q: he statement of profit or loss and other comprehensive income shows_______. Select one: a. the…

A: The purpose of the statement of profit or loss and other comprehensive income (OCI) is to show an…

Q: A balance sheet lists: A) The types and amounts of the revenues and expenses of a business. B) Only…

A: Balance sheet is a financial statement which tells about the financial position of the company as on…

Q: Which financial statement provides the most information about the following topics (and why)?…

A: The financial statement comprises of: Income statementBalance sheetStatement of cash flowsStatement…

Q: 9. Which financial statement is a snapshot of the financial position of a company at a specific…

A: Introduction: Income statement: All revenues and expenses are recorded in income statement. It tells…

Q: What is the purpose of financial accounting? List at least three and explain why they are…

A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…

Q: 6. The new term to describe the statement containing the profit or loss items tog other…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following financial statements shows how net income (loss) and dividends impacted a…

A: Out of the profit earned by the business organization, some of the profit is distributed by them to…

Q: The equation which shows a company's resources equal claims to these resources is

A: Accounting Equation: accounting equation is the basis of accounting which is Total Asset = Total…

Q: 20 - What is the basic financial statement that shows the assets and resources of the businesses at…

A: Assets are the resources of the business which the business owns. It can be tangible assets or…

Q: What is the importance of financial statements in business? Mention what each financial statement…

A: Financial statements are imperative since they contain imperative data around the monetary wellbeing…

Q: Which of the following statements best defines equity (capital) of a business? A Equity represents…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.

Q: 24. The statement that shows the performance of a business over a covered period * statement of…

A: Introduction: Statement of cash flows: All cash in and out flows are shown in Cash flows statement.…

Q: * ?A financial statement that summarizes company revenue and expenses is Income statement Cash flow…

A: A financial statement seems to be a statement that shows the profitability, consistency, and…

Q: Explain the following statement: While the balance sheet can be thought of as a snapshot of a firm’s…

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: Name and briefly explain the three major financial statements? How does each relate to the…

A: The statement that reveals the financial activities of a business along with its financial…

Q: Distributions of cash or other assets by a business to its stockholders are called: A) Dividends. B)…

A: Dividend refers to a reward, cash or otherwise, that a company gives to its shareholders. Dividends…

Q: The life of a business is divided into specific time periods, usually a year, to measure results of…

A: The time period assumption divides the life of the business into equal periods. Financial statements…

Q: Which among the following statements shows the financial position of a business as on a particular…

A: The income statement determines the net income of the business by subtracting the total expenses…

Q: What information is made available about the business in the following financial statements: a.…

A: Financial statements are a set of summaries of an organization's financial results, financial…

Q: 6. How the cost of reporting financial information should be justified? a. By the number of…

A: Solution: cost of reporting financial information should be justified by "the benefits of reporting…

Q: 18 - What name is the source of the assets given to the business by the business owners? A) Debt…

A: Introduction: Balance sheet: All assets and liabilities are recorded in Balance sheet. It tells the…

Q: The financial statement that shows the profitability of a business entity is known as: Group of…

A: Financial statements are prepared to show the financial position, financial performance and cash…

Q: USING THE FOLLOWING CATEGORIES, DISCUSS THE DIFFERENCES THAT EXIST BETWEEN ACCOUNTING FOR THESE…

A: The process of defining, assessing, and reporting transactions to regulatory authorities, tax…

Q: What information is made available about the business in the following financial statements: a.…

A: A compilation of summaries of a company's monetary results, financial position, and cash flows is…

Q: Which of the following is the accounting report that shows all the income of the business in a…

A: The financial statement refers to the final accounts prepared by the management of the entity at the…

Question

34-Which among the following statements shows the financial position of a business as on a particular date? Accounting records Cash Flow Statement Balance Sheet Income statement

Definition Definition Net amount of cash that an entity receives and expends over the course of a given period. For a business to continue operating, positive cash flows are required, and they are also necessary to produce value for investors. Investors in particular prefer to see growing cash flows even after capital expenditures have been paid for (which is known as free cash flow).

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

According to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?
The metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholders
A primary focus of financial reporting about a company's performance during an accounting period is information related to the company's: a. Balance Sheet b. Income Statement c. Comprehensive Income d. Cash Flows
Which of the following elements of financial statements is most closely related to companyperformance?a. assetsb. liabilitiesc. expenses
21. Which of the following describes the purpose of a management accounting system?a) Recording the historical financial transactions of a businessb) Preparation of annual financial statementc) Record statements for external stakeholdersd) Preparation of plans for the future direction of a business
What are the major components of a company's financial statements and what information does each component provide?
What item of financial or operating data appears on both the income statement and the retained earnings statement ?
Please answer correct according to question Describe how the income statement in that industry integrates with the other financial statements.
Discuss how the qualitative characteristics of financial information apply to Company as it pertains to the company’s financial accounting and reporting, Your discussion should include at least 4 possible illustrative accounting examples and references, where appropriate.
Under AASB101 Presentation of Financial Statements, which of the following items, if it exists, must be presented as a line item in the statement of financial position? a. Revenue b. Share of profit of associates c. Cost of sales d. Trade and other receivables
The total assets abd total liabilities and total stockholders equity of a firm are reported on which financial statement?
The three heading lines of financial statements typically include which of the following?A. company, statement title, time period of reportB. company headquarters, statement title, name of preparerC. statement title, time period of report, name of preparerD. name of auditor, statement title, fiscal year end