Solution Manual for Financial Accounting , 12th Edition

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Chapter 1-The Financial StatementsDirected ReadingWorksheetAnswer KeyPart I: Explain why accounting iscritical to businesses(LO1)1.What are financial statements?Business documents companies use to report the results of their activities topeople and groupsthat can include managers, investors, creditors, and regulatory agencies2.List the basic financial statements.a. Income statementb. Statement of retained earningsc. Balance sheetd. Statement of cash flows3.What does the word net refer to in accounting?An amount after a subtraction4.What is net income (profit)?The excess of revenues (net sales) over expenses5.What were net sales for The Walt Disney Company, for its year ended October 1, 2016? For itsyear ended October 3, 2015? On what statement do you find this information?2016: $55,632million2015: $52,465millionIncome Statement6._____________________ is an information system that measures business activities, processesdata into financial statements and reports, and communicates results to decision makers.Accounting7.What is the accounting cycle?The process by which a company’s financial statements are prepared8._____________________ is a mechanical part of accounting, just as arithmetic is a part ofmathematics;accounting as a field is much more than this mechanical part.Bookkeeping9.Who uses accounting information?a. Individualsb. Investors and creditors

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Financial Accounting by C William T...

Solution Manual for Financial Accounting , 12th Edition

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