Answer number 10 Direction: Answer the following statement, write T if the statement is true and F ifthe statement is false.1. Financial statements are useless to a person who does not knowhow to interpret the information contained in the report.2. When making business decisions, an entrepreneur will needvarious sources of information. A major source of information isfinancial statements.3. A comparison of the information from one period to another iscalled vertical analysis.4. An analysis of the interrelationships of information in a singleperiod, expressed as percentages of a common denominator iscalled horizontal analysis.5. Entity A reported inventory balances of P100 and P50 in 2020 and2021, respectively. In a horizontal analysis, a financial statementuser would conclude that Entity A's inventory has increased by 50%from 2020 to 2021.6. In 2020, Entity A reported sales of P100 and profit of P20. In avertical analysis, a financial statements user would conclude thatEntity A was able to generate 20% profit from every peso of itssales during the period.7. At the beginning of the day, you have P20 cash in your pocket. Atthe end of the day, you have P5 left. If you make a horizontalanalysis of your pocket, you will conclude that your cash hasdecreased by 80% during the day.8. In a vertical analysis, you would conclude that out of your totalallowance, 40% is spent om snacks.Fact pattern:11Your Papa gave you' an allowance of P10, good for one week. Bythe end of the week, you have P2 left. The following were yourexpenditures during weeks:Transportation - P4Snacks - P3Text (cellphone load)- P 19. In a vertical analysis, you would conclude that out of your totalallowance you spent 80% back the P2 excess allowance to Papa.10. You will give back the P2 excess allowances to Papa.

Answer for 10 is T True Your Papa gave you' an allowance of P10, good for one week. Bythe end of…

Your Papa gave you' an allowance of P10, good for one week. By the end of the week, you have P2 left. The following were your expenditures during weeks: Transportation - P4 Snacks - P3 Text (cellphone load)- P 1 In a vertical analysis, you would conclude that out of your total allowance you spent 80% back the P2 excess allowance to Papa. You will give back the P2 excess allowances to Papa.

Your Papa gave you' an allowance of P10, good for one week. By the end of the week, you have P2 left. The following were your expenditures during weeks: Transportation - P4 Snacks - P3 Text (cellphone load)- P 1 In a vertical analysis, you would conclude that out of your total allowance you spent 80% back the P2 excess allowance to Papa. You will give back the P2 excess allowances to Papa.

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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