Assignment 03 - Financial Statements, Cash Flow, and Taxes Due on Dec 18 at 11:5

Question

Assignment 03 - Financial Statements, Cash Flow, and Taxes Due on Dec 18 at 11:59 PM PST What happened to assets, earnings, dividends, and cash flows during the financial year? Accounting practice in the United States follows the generally accepted accounting principles (GAAP) developed by the Financial Accounting Standards Board (FASB), which is a nongovernmental, professional standards body that monitors accounting practices and evaluates controversial issues. The Securities and Exchange Commission (SEC) requires all publicly traded companies to periodically report their financial information. A publicly held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained earnings, and other financial information for analysis. The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description.

Explanation / Answer

Annual report

Balance sheet

shareholders equity statement

Cashflow statement

Income or Profit-Loss Statement

2)

Statement of cashflow

balance sheet

3)

Option A

Helps to forecast

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