In one (1) page or less, choose 5 financial accounting topics that we’ve covered this semester...

70.2K

Verified Solution

Question

Accounting

In one (1) page or less, choose 5 financial accounting topicsthat we’ve covered this semester and relate them to yourpersonal life or the real world(outside of accounting, or course). I have provided a listbelow to give you some ideas, but please feel free to think outsidethe box.
Income Statement
Balance Sheet
Statement of Cash Flows
Bank Reconciliation
Liabilities
Bonds
Notes
Assets
Equity
Chart of Accounts
Debits and Credits
Lower of Cost or Market
Bookkeeping
Payroll
Taxes
Inventory and Cost of Goods Sold
Depreciation
Accumulated Depreciation
Adjusting Entries
Journal Entries
General Ledger
Closing Entries
Receivables
Bad Debt Expense
Interest
Prepaid Expenses
Unearned Revenue
Sales
Sales Returns and Allowances
Sales Discounts
Inventory Valuation
FIFO – First in, First out
LIFO – Last in , First out
Specific Identification
Weighted Average
Sole Proprietorship
Corporation
Conservatism
Creditors
Equipment
T-Accounts
Net Income
Trial Balance
Temporary Accounts
Permanent Accounts
Audit report
Ratios
Debt-to-assets
Asset Turnover
Net Profit Margin
Sarbanes-Oxley Act
IFRS
Segregation of duties
Unqualified Opinion

Answer & Explanation Solved by verified expert

4.3 Ratings (613 Votes)

Statement of cash flowsedit The statement of cash flows considers the inputs and outputs in concrete cash within a stated period The general template of a cash flow statement is as follows Cash Inflow Cash Outflow Opening Balance Closing Balance Example 1 in the beginning of September Ellen started out with 5 in her bank account During that same month Ellen borrowed 20 from Tom At the end of the month Ellen bought a pair of shoes for 7 Ellens cash flow statement for the month of September looks like this Cash inflow 20 Cash outflow7 Opening balance 5 Closing balance 20 7 5 18 Example 2 in the beginning of June WikiTables a company that buys and resells tables sold 2 tables Theyd originally bought the tables for 25 each and sold them at a price of 50 per table The first table was paid out in cash however the second one was bought in credit terms WikiTables cash flow statement for the month of June looks like this Cash inflow 50 How much WikiTables received in cash for the first table They didnt receive cash for the second table sold in credit terms Cash outflow 50 How much theyd originally bought the 2 tables for Opening balance 0 Closing balance 50 225 0 50500 Indeed the cash flow for the month of June for WikiTables amounts to 0 and not 50 Important the cash flow statement only considers the exchange of actual cash and ignores what the person in question owes or is owed Statement of profit and loss income statement or statement of operationsedit The statement of profit or income statement reports the changes in value of a companys accounts over a set period most commonly one fiscal year and may compare the changes to changes in the same accounts over the previous period All changes are summarized on the bottom line as net income often reported as net loss when income is less than zero The net profit or loss is determined by Sales revenue See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member