Name and describe two primary financial statements produced by a company
What will be an ideal response?
Answer: The Balance Sheet, or Statement of Financial Position, is the listing of all assets and all claims against the assets of a company. The term balance sheet is used because the following accounting identity must always hold: Assets ≡ Liabilities + Owners' Equity.
The Income Statement is the recording of the business activities over the past business cycle. Usually, this business cycle is one year, but income statements are often prepared monthly for internal use and quarterly for external reporting.
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The master budgeting process typically begins with the sales budget and ends with a cash budget and:
A. Production budget. B. Rolling budget. C. Budgeted financial statements. D. Forecast budget. E. Capital expenditures budget.
Define consumerism and environmentalism
What will be an ideal response?
The statement of cash flows would disclose the purchase of a building for cash
A) nowhere on the statement. B) in the operating activities section. C) in the investing activities section. D) in the financing activities section.
What does leadership scholar Jeffrey Pfeffer warn individuals about with respect to power use in organizations?
a. Managers who follow moral prescriptions in organizations are likely to be unsuccessful. b. Many individuals underestimate the extreme influence and domination of hierarchical power. c. Coercive power should be pursued above all other bases of power. d. Many individuals place too high a value on referent power, which is highly malleable.