Financial statements

Which financial statement explains the changes in shareholders’ equity from the beginning of one fiscal year to the end of the year?
What are the two primary causes of changes in shareholders’ equity?
What are the two primary causes of comprehensive income?
What is the equation for retained earnings?
Are dividends a revenue or an expense for the issuing company?
Which financial statement measures changes in shareholders’ equity that a) did not result from transactions with the owners and b) for the most part were outside of management’s control?
Which financial statement measures the efficiency of management during a particular fiscal period?
What are the four elements included in the income statement?
What is the difference between revenues and gains and expenses and losses?
Are dividends issued reflected on the income statement?
Which financial statement is not impacted by accrual basis accounting?
Identify, the three activities presented in the statement of cash flows.
What is the primary benefit of accrual accounting that cannot be accomplished using cash basis accounting?
Which is a more accurate, accrual basis or cash basis accounting?
Which is a more timely, accrual basis or cash basis accounting?
Which is a more confusing, accrual basis or cash basis accounting?
How is cash flow related to accrual accounting?

Sample Solution

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