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Business Accounting ACCOUNTING PRINCIPLES

(a) Financial Statements A financial statement is a complete record of the financial transactions that takes place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. To determine: The meaning of a statement of cash flows . Explanation: Cash Flow Statement is a fundamental financial statement that renders valuable information regarding the cash inflows or the cash receipts of a business and the cash outflows or cash payments for a specific period of time. The cash flow statement also provides information regarding the net cash change that occurred during a period, classifying the activities into three categories those are cash from operating activities, investing, and financing activities. Conclusion: Hence, the statement of cash flows is explained as above. (b) To determine: Whether M.P’s belief that the statement of cash flows is an optional financial statement is true or not. Answer: The preparation of cash flows is an optional financial statement. It is agreeable as the preparation of cash flow statement for corporate or company organizations is mandatory but for individuals it is optional. Conclusion: Hence, M.P’s belief that the statement of cash flows is an optional financial statement is true.

(a) Financial Statements A financial statement is a complete record of the financial transactions that takes place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. To determine: The meaning of a statement of cash flows . Explanation: Cash Flow Statement is a fundamental financial statement that renders valuable information regarding the cash inflows or the cash receipts of a business and the cash outflows or cash payments for a specific period of time. The cash flow statement also provides information regarding the net cash change that occurred during a period, classifying the activities into three categories those are cash from operating activities, investing, and financing activities. Conclusion: Hence, the statement of cash flows is explained as above. (b) To determine: Whether M.P’s belief that the statement of cash flows is an optional financial statement is true or not. Answer: The preparation of cash flows is an optional financial statement. It is agreeable as the preparation of cash flow statement for corporate or company organizations is mandatory but for individuals it is optional. Conclusion: Hence, M.P’s belief that the statement of cash flows is an optional financial statement is true.

ACCOUNTING PRINCIPLES

ACCOUNTING PRINCIPLES

12th Edition

ISBN: 9781119145257

Author: Weygandt

Publisher: JOHN WILEY+SONS INC.CUSTOM

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Chapter 17 Solutions

ACCOUNTING PRINCIPLES

Ch. 17 - Prob. 1Q Ch. 17 - Prob. 2Q Ch. 17 - Prob. 3Q Ch. 17 - Prob. 4Q Ch. 17 - Prob. 5Q Ch. 17 - Prob. 6Q Ch. 17 - 7. Why is it necessary to use comparative balance...Ch. 17 - 8. Contrast the advantages and disadvantages of...Ch. 17 - Prob. 9Q Ch. 17 - Prob. 10Q

Ch. 17 - Prob. 11Q Ch. 17 - Prob. 12Q Ch. 17 - Prob. 13Q Ch. 17 - Prob. 14Q Ch. 17 - Prob. 15Q Ch. 17 - Prob. 16Q Ch. 17 - Prob. 17Q Ch. 17 - Prob. 18Q Ch. 17 - Prob. 19Q Ch. 17 - Prob. 20Q Ch. 17 - Prob. 21Q Ch. 17 - Prob. 22Q Ch. 17 - BE 17-1 Each of the items below must be considered...Ch. 17 - Prob. 17.2BE Ch. 17 - Prob. 17.3BE Ch. 17 - BE17-4 Telfer, Inc. reported net income of $2.8...Ch. 17 - Prob. 17.5BE Ch. 17 - Prob. 17.6BE Ch. 17 - BE17-7 The T-accounts for Equipment and the...Ch. 17 - Prob. 17.8BE Ch. 17 - BE17-9 Hinck Corporation reported net cash...Ch. 17 - BE17-10 Suppose in a recent quarter, Alliance...Ch. 17 - BE17-11 The management of Morrow Inc. is trying to...Ch. 17 - BE17-12 Suppose Columbia Sportswear Company had...Ch. 17 - BE17-13 Howell Corporation reported income tax...Ch. 17 - Prob. 17.14BE Ch. 17 - BE 17-15 During the year, prepaid expenses...Ch. 17 - Prob. 17.1DIE Ch. 17 - DO IT! 17-2 Wise Photography reported net income...Ch. 17 - Prob. 17.3DIE Ch. 17 - Prob. 17.1E Ch. 17 - E17-2 An analysis of comparative balance sheets,...Ch. 17 - Prob. 17.3E Ch. 17 - E17-4 Gutierrez Company reported net income of...Ch. 17 - E17-5 The current sections of Scoggin Inc.’s...Ch. 17 - E17-6 The three accounts shown below appear in the...Ch. 17 - E17-7 Rojas Corporations comparative balance...Ch. 17 - Prob. 17.8E Ch. 17 - E17-9 Rodriquez Corporation’s comparative balance...Ch. 17 - E17-10 Macgregor Company completed its first year...Ch. 17 - E17-11 Suppose a recent income statement for...Ch. 17 - E17-12 The 2017 accounting records of Blocker...Ch. 17 - E17-13 The following information is taken from the...Ch. 17 - E17-14 Comparative balance sheets for...Ch. 17 - Prob. 17.1AP Ch. 17 - Prob. 17.2AP Ch. 17 - P17-3A The income statement of Whitlock Company is...Ch. 17 - Prob. 17.4AP Ch. 17 - Prob. 17.5AP Ch. 17 - Prob. 17.6AP Ch. 17 - P17-7A The following are the financial statements...Ch. 17 - P17-8A Data for Nosker Company are presented in...Ch. 17 - Prob. 17.9AP Ch. 17 - Prob. 17.10AP Ch. 17 - P17-11A The comparative balance sheets for...Ch. 17 - Prob. 17.12AP Ch. 17 - Prob. 17CCCP Ch. 17 - Prob. 17.1BYP Ch. 17 - Prob. 17.2BYP Ch. 17 - Prob. 17.3BYP Ch. 17 - Prob. 17.4BYP Ch. 17 - Prob. 17.5BYP Ch. 17 - Prob. 17.6BYP Ch. 17 - Prob. 17.7BYP Ch. 17 - Prob. 17.8BYP Ch. 17 - Prob. 17.9BYP Ch. 17 - Prob. 17.1IFRS Ch. 17 - Prob. 17.2IFRS Ch. 17 - Prob. 17.3IFRS

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