PLEASE HELP ME TO ANSWER THIS IF IT IS TRUE OR FALSE. NO EXPLANATION NEEDED THANKYOU 1. Under indirect method of presenting the statement of cash flows, the presentation of this statement begins with net income or loss, with subsequent additions to or deductions from the amount for cash revenue and expense items, resulting in net income provided by operating activities. 2. The direct method of presenting the statement of cash flows presents the specific cash flows associated with items that affect cash flow. 3. Statement of Financial position is only of the financial reports submitted by the company to the users of information such as banks and other financial institutions. 4. Heading is composed of company name, the SCI title and the date ended with for the period ended (date). 5. A statement of comprehensive income consists of all revenues, gains and losses that cause the equity account to change at the start of the accounting period.
PLEASE HELP ME TO ANSWER THIS IF IT IS TRUE OR FALSE. NO EXPLANATION NEEDED THANKYOU 1. Under indirect method of presenting the statement of cash flows, the presentation of this statement begins with net income or loss, with subsequent additions to or deductions from the amount for cash revenue and expense items, resulting in net income provided by operating activities. 2. The direct method of presenting the statement of cash flows presents the specific cash flows associated with items that affect cash flow. 3. Statement of Financial position is only of the financial reports submitted by the company to the users of information such as banks and other financial institutions. 4. Heading is composed of company name, the SCI title and the date ended with for the period ended (date). 5. A statement of comprehensive income consists of all revenues, gains and losses that cause the equity account to change at the start of the accounting period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE HELP ME TO ANSWER THIS IF IT IS TRUE OR FALSE. NO EXPLANATION NEEDED THANKYOU
1. Under indirect method of presenting the statement of
2. The direct method of presenting the statement of cash flows presents the specific cash flows associated with items that affect cash flow.
3. Statement of Financial position is only of the financial reports submitted by the company to the users of information such as banks and other financial institutions.
4. Heading is composed of company name, the SCI title and the date ended with for the period ended (date).
5. A statement of comprehensive income consists of all revenues, gains and losses that cause the equity account to change at the start of the accounting period.
6. Investing activities shows the investment a business does in either a property, security, or a particular asset etc.
7. Report form is usually the form used for submission to the government agencies and financial institution such banks
8. Expenses are decreases in economic benefits during the period in the form of outflows or depletions of assets or increases of liabilities that result in decreases in equity, other than those relating to distributions to the business owners.
9. Liabilities are your present obligations that have resulted from past events and can require you give up resources when settling them.
10. When a business needs of management, it looks for various sources like raising funds through shares or debts is considered as financing activities.
11. Assets are resources you control that have resulted from present events and can provide you with the future economic benefits.
12. Operating activities refers to the other activities of a business of purchase or sale of goods and services.
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