FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Indicate the financial statement on which each of the following items appears. income statement,
statement of owner’s equity, and
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- The users of accounting information can be classified into internal and external users. Clearly explain these giving clear examples and identifying the information needs for each.arrow_forwardWhat an organization generates from activities, other than its primary business activity, will be shown in its income statement as: A. revenues B. losses C. gains D. expensesarrow_forwardDifferentiate using an example company’s primary revenue and secondary revenue, company’s primary expenses and secondary expensesarrow_forward
- Financial accounting prepares the general purpose statements profit and loss account and balance sheet, select the people who are the main users of these statements of an entity? a. People those who are working in that entity b. All of these c. People those who provided loan to that entity d. People those who purchased the shares of that entityarrow_forwardWhat are the major components of a company's financial statements and what information does each component provide?arrow_forwardChoose acceptable income statement account names and describe the most frequent operational transactions.arrow_forward
- Which account records is the main source of information used to prepare the financial statementsarrow_forwardDescribe the purpose of the balance sheet and disclosure notes in the financial statement, give examples.arrow_forwardFor each of the following, indicate whether the item would be reported on the balance sheet (B/S),reported on the income statement (I/S), or not shown in the financial statements (Not) and whetherit relates to a service company (SC) or merchandising company (MC).Financial Statement Type of CompanyInventorySales RevenueCost of Goods Available for SaleService Revenuearrow_forward
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