Accounting Help for College and University Students

Financial Accounting

From the information provided, what can you determine about this company concerning the past three years. Also discuss any additional information that would be helpful. See attached file #1

Multiple choice question on the difference between cash flow statements and other external financial statements.

The primary difference between cash flow statement and all other external financial statements is that it is: A) Not an accrual based statement and all others are accrual based. B) Prepared for managements use but not for external reporting purposes. C) A cause of the basic accounting equation to be out of balance. D) Prep ...continues

Multiple choice question about operation income.

For a company, operating income: A) Is just another term for net income. B) Shows the amount of income produced by the primary earning activities. C) Includes the affects of operating expenses but not cost of goods sold. D) Is computed by subtracting operating expenses from administrative expenses. Select one of the ans ...continues

Multiple choice question about the term working capital.

The term "working capital" is used to describe the amount of: A) Equity financing in the firm. B) Debt Financing in the firm. C) Current resources available to cover current obligations. D) Capital employed in generating revenues. Select one of the answers stated above.

Multiple choice question about the differences between a direct format and an indirect format.

Differences between the direct format and indirect format of the statement of cash flows are found in which section(s) of the statement? A) Operating activities. B) Investing activities. C) Financing activities. D) All three sections (operating, investing, financing). Select one of the answers stated above.

Multiple choice question about operating activities.

Which of the following is an operating activity? A) Payment of dividends on common stock. B) Sale of a fully depreciated plane used by an airline. C) Purchase of inventory for resale. D) Purchase of a new plane by an airline. Select one of the answers stated above.

Financial Accounting: Report Information

Which of the following financial statements report information about events that happened during an accounting period? Balance Sheet Income Statement A) No No B) No Yes C) Yes No D) Yes Yes Please select one of the following answers stated above.

Financial Accounting

What is the amount of the company's current asset? See attached file #1

Financial Accounting: Which of the following is a significant limitation in the usefulness of financial statements prepared under generally accepted accounting principles?

See attached file #1 Which of the following is a significant limitation in the usefulness of financial statements prepared under generally accepted accounting principles? Omission of certain resources Use of estimates and allocations A) No No B) No Yes C) Ye ...continues

Financial Accounting: Expiration of Prepaid Rent

The person keeping the financial records forgot to record the expiration of prepaid rent during the current year. The result of this error is that: Net Income Owners’ Equity Assets A) overstated understated understated B) overstated overstated overstated C) overstated understated no effect D) no effect n ...continues