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Q. Explain about statement of cash flows?
Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We examine these items later in the text. Currently merely note that the balance sheet heading comprise the name of the organization and the title and date of the statement. Notice as well that the dollar amount of the total assets is equal to the claims on (or interest in) those assets. The balance sheet demonstrates these claims under the heading Liabilities and Stockholders' Equity. Administration is interested in the cash inflows to the company and the cash outflows from the company for the reason that these determine the company's cash it has available to pay its bills when due. The statement of cash flows demonstrates the cash inflows and cash outflows from investing, operating and financing activities. Operating activities generally comprise the cash effects of transactions and other events that enter into the determination of net income. Investing activities usually include business transactions involving the acquisition or disposal of long-term assets such like buildings, land and equipment. Financing activities usually include the cash effects of transactions and other events involving creditors and owners stockholders.
It explains the statement of cash flows in detail. Our principle here is to merely introduce this important financial statement. Usually a firm prepares a statement of cash flows for the same time period as the income statement. At this end in the course you require to understand what a statement of cash flows is rather than how to prepare it.
Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure
Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
on which shares pre acquisiton dividend received
Money owed by a business enterprise for merchandise bought on open account. It is also known as "A/R" or just "Receivables". Accounts Receivable is the quantity owed to a company
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
The use of ledger accounts A journal entry is similar to a set of instructions. The execution of these instructions is known as posting. Since stated earlier posting is recordi
Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R
Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d
Balance Sheet A balance sheet is a statement for presenting an organization financial position at a particular date, mostly at the end of an accounting period; also calle
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