Briefly list and describe the principal financial statements
The financial statements provide information about a firm's financial position (balance sheet), its profitability (income statement), its cash-generating activity (statement of cash flows), and its changes in shareholders' equity. The balance sheet reports the results of investing and financing activities as at the balance sheet date. The income statement reports the outcome of using assets to generate earnings during a reporting period (for example, a year) and helps explain the change in retained earnings on the balance sheet between the beginning and end of the period. The statement of cash flows reports the cash inflows and outflows from operating, investing, and financing activities for the same period and explains the change in cash on the balance sheet between the beginning and end of the period. The statement of changes in shareholders' equity reports the reasons why the components of shareholders' equity increased or decreased during the reporting period. Users should read all of the financial statements in conjunction with the supporting notes and schedules, which provide explanations and disaggregations of the reported numbers.
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Generally accepted accounting principles require that certain lease agreements be accounted for as purchases. The theoretical basis for this treatment is that a lease of this type
a. effectively conveys all of the benefits and risks incident to the ownership of property. b. is an example of form over substance. c. provides the use of the leased asset to the lessee for a limited period of time. d. must be recorded in accordance with the concept of cause and effect.
Not painting the house on time is a violation of a tenant's duty not to commit waste
Indicate whether the statement is true or false
According to one explanation of leadership, becoming a leader is much like the process of becoming an integrated human being
Indicate whether the statement is true or false.
There is no distinction between the terms disagreement and conflict.
Answer the following statement true (T) or false (F)