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ACC 356 Exam 2 Review Concepts Questions And Answers $11.49   Add to cart

Exam (elaborations)

ACC 356 Exam 2 Review Concepts Questions And Answers

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  • ACC 356

ACC 356 Exam 2 Review Concepts Questions And Answers balance sheet ANS Reports on the assets, liabilities, and stockholders' equity of the business as of a specific date. balance sheet provides info about ANS resources, obligations to creditors, and equity in net resources balance sheet he...

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  • September 2, 2024
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ACC 356 Exam 2 Review Concepts Questions And
Answers
balance sheet ANS Reports on the assets, liabilities, and stockholders' equity of the business as of a specific
date.



balance sheet provides info about ANS resources, obligations to creditors, and equity in net resources



balance sheet helps in ANS predicting amounts, timing, and uncertainty of future cash flows



usefulness of balance sheet ANS computing rates of return.

evaluating the capital structure.

assess risk and future cash flows.

analyze the company's:

LIQUIDITY

SOLVENCY

FINANCIAL FLEXIBILITY



limitations of a balance sheet ANS most assets and liabilities are reported at historical cost.

use of judgments and estimates.

many items of financial value are omitted.



assets ANS probable future economic benefits obtained or controlled by a particular entity as a result of past
transactions or events

current assets, long-term assets, ppe, intangible assets (trademarks, goodwill, etc)



liabilities ANS probable future sacrifices of economic benefits arising from present obligations of a particular
entity to transfer assets or provide services to other entities in the future as a result of past transactions or events

current liabilities, long term debt



equity ANS residual interest in the assets of an entity that remains after deducting liabilities

owners/stockholders equity (capital stock, retained earnings, OCI, treasury stock)

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