Explain the following statement: Although the balance sheet can be thought of as a snapshot of a firm’s financial position at a point in time, the income statement reports on operations over a period of time.

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Answer 1

Answer:

Answer:

The balance sheet shows the financial position on a specific date. It provides a snapshot of the asset, liabilities and equity position of the company.

whereas in case of income statement it shows the revenues and expenditure incurred during a period of time.

Explanation:

Related Questions

Car manufacturers of expensive models, such as Mercedes or Audi, insist on wrap covering each individual vehicle with protective sheathing for the duration of the journey from the factory to the dealership. Such manufactures are creating which kind of channel utility?
Use the following dataa) Profit after tax 45,000b) Depreciation 75,000c) Tax Paid 25,000d) Interest paid 5,000e) Dividend paid 10,000f) Cash Received from sale of Building 40,000g) Sale of Preferrence Share 35,000h) Repurchase of Ordinary Shares 30,000i) Purchase of Machinery 20,000j) Issuance of Bond 50,000k) Debt Retired through issuance of ordinary shares 45,000l) Paid off long term bank borrowings 15,000l) Profit on sale of building 20,000Requirements:1. Calculate Cash Flow from operating activities2. Calculate Cash Flow from Investing activities3. Calculate Cash Flow from financing activities
Increasing and decreasing the money supply through monetary policy is generally done by __________.
Which statement indicates a safe practice for fire prevention and protection? A. Block the path to a fire extinguisher. B. Do not obstruct fire doors and shutters. C. Prop open emergency doors to let flames escape.
What is transfer by devise?

The practice of allowing employees to set varying hours depending upon their personal needs is referred to as ________.

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Flexible working arrangement is a practice that allows employees to set varying working hours depending on their personal needs. This modern approach in the workplace enables employees to maximize their time both in and out of the office. It permits employees to have a work-life balance. Employees are now able to spend more quality time with their family and friends while being reinvigorated to work effectively.

All of the following are considered equipment for a business EXCEPT:a. devices
b. machines
c. buildings
d. tools

Answers

When you say equipment meaning, it can be something that can help you boost your performance in doing something related to work. Thus in the given choices, building is not an example of equipment. Devices, machines and tools are the so-called equipment that is very helpful for the employee.

The duty of a broker-dealer firm and its individual brokers to ensure that investment recommendations made to customers are suitable based on a specific customer's investment profile includes all of the following except: (A) Have a reasonable basis for the belief that the recommendation is suitable (B) The belief is based on customer-specific information (C) The size of the recommended trade must not be excessive (D) Refrain from making an investment recommendation if the customer refuses to provide certain customer specific information.

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Answer:

The answer is option "D"

Explanation:

The suitability condition that broker-dealer firms have to adopt includes making investment recommendations on the basis of their applicability in terms of what the customer's profile is. To do this, the firm needs to have adequate and reasonable understanding of the customer, their needs, their risk profile, details of their other investments and their age among several other factors. Firms use these details and then perform their own research, or 'due diligence' to ensure that the recommendations made are appropriate in the customer's context. Options A and B pertain to this criteria and are therefore correct. Option C is also correct since, even if the investment recommendation is in line with the customer's profile, firms must still refrain from making trade recommendations that are excessive in size because they can, among other issues, raise the risk profile of the trade.

Now lets look at option D. Broker-dealers do rely on the customers providing customer specific information so that they can plan investment recommendations accordingly, however, this is not the only practice that is required. Firms need to conduct their own research and due diligence as well. Furthermore, customers may be unwilling to disclose certain information, for example, details of their other investments. In this case, firms need to be cautious and carefully analyse whether they have 'enough' customer specific information to be reasonably certain that the investment recommendation is appropriate. As long as enough information exists to form the reasonable basis, firms do not need to refrain from making recommendations.

Therefore, the correct option is D.

Pierce wishes to purchase a municipal bond with a par value of $500 from Chattahoochee County, and he is trying to decide which broker he should employ to purchase the bond. Broker A charges a 3.1% commission on the market value of each bond sold. Broker B charges a flat $24 for each bond sold. If the bond has a market rate of 88.754, which broker will give Pierce the better deal, and by how much?

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He should take the option one of sales commission of 3.1% on each bond. If he takes the 2nd option, he is required to pay 24$ per bond. But if he takes the ist option, he is required to pay 15.5$ per bond. 88.754 is the market rate. Total investment is of 500$. Multiply the commission rate with the amount and you get 15.5 $. There is a difference of 8.5 dollars between the two options.

The broker will give Pierce the better deal, and by Broker A’s commission will be $10.24 less than Broker B’s.

What is the deal about?

In the question above, the municipal bond with a par value = $500

To find the market value of the bond, it will be:

= $(88.754)/(100)$ x 500

= 443.77

Note that the Commission rate charged by broker A = 3.1%

Therefore, the Commission of broker A will be = $(3.1)/(100)$ x 443.77

= $13.757

The Commission of broker B = $24

Note also that the difference between the commission of broker A and broker B will be:

= 24 - 13.756

= $10.24

Therefore, looking at the above, Broker A's commission will be $10.24 and thus it is less then Broker B's.

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The accuracy and reliability of information presented in a company's annual report, including its financial statements and their accompanying notes, is primarily the responsibility of _______

Answers

Answer:

the company's management.

Explanation:

The financial statements are reflected in reports and account for the situation that a company is going through in a certain accounting period. The two most common scenarios to which a document of this type usually leads us are already well known: the deficit or the surplus.

However, when it comes to preparing a report as such, few entrepreneurs, managers or business managers take the job of investigating the different types of financial statements that exist.

Although those responsible for its implementation are the administrative and financial team of the group, the legal and juridical responsible for the information presented in said report is the general management.

Trust and transparency are critical to successful and culturally competent research. In the research setting, establishing trust in diverse communities does NOT require: 1. Involving community members in decision-making and protocol design
2. Limiting public transparency and accountability
3. Promoting feelings of ownership within the community
4. Assuring appropriate ethics oversight

Answers

Answer:

The correct answer is number (2): Limiting public transparency and accountability.

Explanation:

Researchers must provide trust and transparency during their study so the result of the research will reflect reliable information. Accountability, as well, should be present at all moments during the study moreover at the moment of collecting information from the target population and while gathering all the data to avoid manipulation that could affect the outcome of the research.

Final answer:

Establishing trust in diverse communities in research does not require limiting transparency and accountability. Community involvement, promoting ownership, and ethics oversight are important for building trust.

Explanation:

In the research setting, establishing trust in diverse communities does NOT require limiting public transparency and accountability.

Involving community members in decision-making and protocol design is an important step in building trust. This ensures that the research is conducted in a way that respects the unique needs and values of the community.

Promoting feelings of ownership within the community is also crucial for trust-building, as it empowers community members and makes them feel invested in the research process.

Assuring appropriate ethics oversight is fundamental to maintaining trust and ensuring that the research is conducted with integrity.

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A company had net income of $259440. Depreciation expense is $23920. During the year, accounts receivable and inventory increased $13800 and $36800, respectively. Prepaid expenses and accounts payable decreased $1840 and $12880, respectively. There was also a loss on the sale of equipment of $15640. How much cash was provided by operating activities

What is the takt time of a manufacturing cell that must produce 250 parts over one shift with 7 hours of available time?

Which of the following statements is TRUE? A. Total consumer surplus is represented graphically by the area beneath the demand curve. B. Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and its market price. C. Bill is willing to pay $10 for a pound of clay. If he buys a pound of clay at a market price per pound of $5, his consumer surplus is $2. D. Total consumer surplus is represented graphically by the area above the demand curve.

PROJECT: USING ADVANCED FORMULASSuppose you own a small business with ten employees. Small businesses use spreadsheets for a variety of reasons.OBJECTIVESCreate a spreadsheet to track payroll.DirectionsCreate a spreadsheet to calculate the your company's payroll, or how much you pay each employee and the total you pay all employees.You pay your employees every two weeks, and for the last two weeks, your employees worked the following hours:Employee 1: 78Employee 2: 75Employee 3: 80Employee 4: 45Employee 5: 50Employee 6: 80Employee 7: 65Employee 8: 60Employee 9: 78Employee 10: 75Your spreadsheet should calculate:the total hours worked for each employeethe gross pay for each employee (pay rate is $12.50 per hour)the state income tax for each employee (use 5.7%)the Federal income tax for each employee (use 15%)Social Security for each employee (use 3.5%)the net pay for each employee by subtracting the income tax and Social Security from the gross paythe total gross pay, total state income tax, total Federal income tax, total Social Security, and total net pay paid to all employeesWhen you finish your spreadsheet, estimate your answers to check for accuracy. Make any necessary corrections. Use formatting techniques to make your spreadsheet easy to read. Upload your spreadsheet using the Upload tool in the box below.