AC 250 Saint Peters College Financial Accounting & Reporting Discussion – Assignment Help

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  1. Current assets less current liabilities equals working capital ? Why is this measurement so important for management to control?
  1. Do you agree with the following statement, why or why not: Management’s decisions have little influence on the financial statements.
  1. Do you agree with the following statements, why or why not: users realize that preparing financial statements is an imperfect process.
  1. The matching concept identifies revenues or expenses in the time period in which they occur. Does this make sense? Explain your reasoning.
  1. What is the Principle of conservatism and why is it important for accountants in preparing financial statements?

6. Do you agree with the following statement, why or why not: A sale on account only impacts the income statement and no other statement.

7. Do you agree with the following statement, why or why not: A higher asset turnover ratio implies reduced efficiency.

8. Do you agree with the following statement: When prices are rising, accounting for inventory using the LIFO cost flow method will lead to higher net income but lower ending inventory. Explain.

9. Do you agree with the following statement, why or why not: Equipment in good working order may be retired due to obsolescence.

10. Do you agree with the following statement, why or why not: under the much more common indirect method, net cash flow from operating activities is computed indirectly by beginning with net income, which appears on the income statement and adjusting it for accruals and cash flows.

11. Name and explain 4 ways that management decisions can affect the financial statements? (Ex. the cookie jar)

12. We know that cash inflows and outflows associated with the acquisition and sales of assets are included in the investing section of the cash flow statement. How are changes in the balance sheet values of assets reflected on the income statement?

13. Why are shareholders, investors, creditors, auditors, and managers interested in the nature and condition of a company’s producing assets?

14. A low “Producing asset turnover ratio” indicates what?

15. Explain the difference between a “betterment” and “maintenance” and explain the accounting for each.


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