Questions from Survey Accounting

Q: What is the relationship between the income statement and changes in assets

What is the relationship between the income statement and changes in assets and liabilities?

Q: What type of information does a business typically include in its annual

What type of information does a business typically include in its annual report?

Q: How does net income affect the stockholders’ claims on the business’s assets

How does net income affect the stockholders’ claims on the business’s assets?

Q: Define recognition. How is it independent of collecting or paying cash

Define recognition. How is it independent of collecting or paying cash?

Q: What is the difference between a cost and an expense?

What is the difference between a cost and an expense?

Q: What does the term expense mean?

What does the term expense mean?

Q: What does the term revenue mean?

What does the term revenue mean?

Q: In what order are assets listed on the balance sheet?

In what order are assets listed on the balance sheet?

Q: Compute the specified ratios using Duluth Company’s balance sheet for 2018:

Compute the specified ratios using Duluth Company’s balance sheet for 2018: Assets Cash…………………………………………..………………..$ 36,000 Marketable securities………………...…………………….....

Q: What does the statement of cash flows explain?

What does the statement of cash flows explain?