Answered: What is net income? Group of answer…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

What is net income?

Group of answer choices

-part of asset

-Calculate the asset and liabity

-part of the financial statement which calculate equity

-part of financial statements, which contains the results of its operations during an accounting period.

Flag question: Question 32

What is discontinued operation?

Group of answer choices

-no longer operable and fall under asset

-result of the operation which has been disposed or classified by the entity as held for sale

-no longer consider part of balance sheet

-consider disposable and need to be calculate as part of retained earnings

Flag question: Question 33

Why is budget important?

Group of answer choices

-It gives stakeholder good information about financial statement;

-provide a good orderly management activities within an organization;

-it is important to create balance sheet;

-It is useful to manage liabilities.

Flag question: Question 34

What is a flex budget?

Group of answer choices

-It gives the comparison of different expenses;

-A table of answers and brief statistics regarding student answer choices. Answer Text Number of Respondents Percent of respondents selecting this answer Answer Distribution It gives the real time expense information, (Incorrect answer)It gives the real time expense information;

-it itemizes different expense levels depending upon changes in the actual revenue;

-It provides actual number.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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