Describe the difference between a balance sheet and an income statement.
What will be an ideal response?
A balance sheet shows the firm's financial position with respect to assets and liabilities at a specific point in time. It provides three types of information: assets, liabilities, and owners' equity. An income statement summarizes the firm's financial performance for a given time interval, usually one year. It shows revenues coming into the organization from all sources and subtracts all expenses, indicating the firm's net income for the given time period.
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Which of the following statements is not descriptive of common stock?
a. Stockholders are considered owners, not creditors, of a corporation. b. The payment of dividends is never required. c. Dividends paid are an expense for the issuing corporation. d. Issuing stock is less risky than issuing bonds.
Statements that show the financial statements as if proposed transactions had already occurred are called:
A. Temporary statements. B. Interim statements. C. Professional statements. D. Pro forma statements. E. Simplified statements.
Generally, the work experience section of your résumé should include ________
A) detailed bullet points describing duties at all prior jobs B) supervisors' information C) salary information D) reasons for leaving past employment E) related internship experiences
Primary goals of an MPR plan should have all of the following characteristics EXCEPT being ________
A) general B) tangible C) measurable D) relevant E) attainable