Home / Questions / Explain the relationships among the financial statements 1) Which financial statement mu
Explain the relationships among the financial statements
1) Which financial statement must be prepared before the others?
A) income statement
B) balance sheet
C) cash flow statement
D) retained earnings statement
2) The oldest organization of professional accountants in Canada is the:
A) Canadian Institute of Chartered Accountants
B) Securities and Exchange Commission
C) Financial Accounting Standards Board
D) Auditing Standards Board
3) Accounting standards for accountants in Canada are established by:
A) the Canadian Institute of Chartered Accountants
B) the Society of Management Accountants of Canada
C) the Certified General Accountants Association of Canada
D) the Canadian Institute of Chartered Accountants, the Society of Management Accountants of Canada, and the Certified General Accountants Association of Canada
4) According to the Canadian Institute of Chartered Accountants (CICA), the primary objective of financial reporting is to provide information:
A) to the federal government about tax matters
B) useful for making investment and lending decisions
C) regarding the cash flows of the business
D) about the profitability of the business
5) In order for information to be considered a faithful representation it must be all of the following except:
A) complete
B) predictive
C) without material error
D) neutral
6) Describe the relationship between the Income Statement, Statement of Retained Earnings and the Balance.
7) Tap Corporation gathered together the following information regarding the asset, liability, shareholders' equity, revenue, and expense accounts as of the end of its first year in operations, August 31, 2010:
Rent expense$ 7,500Dividends$10,200
Truck23,600Accounts payable6,700
Supplies2,500Service revenue45,600
Salary expense 19,400Salary payable 12,200
Accounts receivable8,200Utilities expense5,000
Note payable10,000Interest expense1,200
Common shares 25,000Cash21,900
Prepare a balance sheet for Tap Corporation dated August 31, 2010.
8) Choose the appropriate definition for the terms below.
a.a business owned by a single owner
b.a statement summarizing the revenues and expenses for a given period
c.resources that provide future economic benefits to a business
d.claims by outsiders on the resources of a business
e.revenues less expenses
f.a business owned by shareholders
g.shows the net change in the cash account for a given period
h.a formal listing of the accounting equation on a specified date
________1.corporation
________2.cash flow statement
________3.income statement
________4.net income
________5.proprietorship
________6.balance sheet
________7.liabilities
Dec 07 2019 View more View Less
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