{"id":10839,"date":"2024-02-07T23:34:43","date_gmt":"2024-02-07T23:34:43","guid":{"rendered":"https:\/\/www.writemyessays.app\/blog\/questions\/accounting-wk-2-discussion-financial-statement-accounts-due-day-3-wk-2-discussion-financial-statement-accounts\/"},"modified":"2024-02-07T23:34:43","modified_gmt":"2024-02-07T23:34:43","slug":"accounting-wk-2-discussion-financial-statement-accounts-due-day-3-wk-2-discussion-financial-statement-accounts","status":"publish","type":"questions","link":"https:\/\/www.writemyessays.app\/blog\/questions\/accounting-wk-2-discussion-financial-statement-accounts-due-day-3-wk-2-discussion-financial-statement-accounts\/","title":{"rendered":"Accounting &#8211;  Wk 2 Discussion \u2013 Financial Statement Accounts [due Day 3] Wk 2 Discussion \u2013 Financial Statement Accounts"},"content":{"rendered":"<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\">The three primary financial statements tell us important and different things about a business. The balance sheet tells us about a company\u2019s resources and claims on those resources, the income statement measures a company\u2019s financial performance for a period of time, and the statement of cash flows reports the cash inflows and outflows of a company by category.<\/p>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\">&nbsp;<\/p>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\">You and your business partner have been running your company for one year now\u2014long enough for your accountant to prepare a complete set of financial statements for your review. Your business partner maintains that everything she needs to know about the business is contained in the balance sheet, the statement of cash flows, and the income statement.<\/p>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\">&nbsp;<\/p>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\">As a business owner, discuss at least one item (account) reported on the income statement that would help you make decisions about future business operations. In addition, choose 1 of the questions below to answer based on your response:<\/p>\n<ul style=\"padding: 0px 3rem 0px 1.5rem; font-size: 14px; line-height: inherit; cursor: auto; color: inherit;\">\n<li style=\"padding: 0px 0px 0px 1.5em; line-height: inherit; cursor: auto; color: inherit;\">What are two items (accounts) from the balance sheet that you would track on a regular basis? Why?<\/li>\n<li style=\"padding: 0px 0px 0px 1.5em; line-height: inherit; cursor: auto; color: inherit;\">What are two elements on the statement of cash flows that you and your business partner would find informative and useful as decisions about the future are made?<\/li>\n<li style=\"padding: 0px 0px 0px 1.5em; line-height: inherit; cursor: auto; color: inherit;\">How are the four financial statements interrelated? Which line items are used to prepare other statements?<\/li>\n<li style=\"padding: 0px 0px 0px 1.5em; line-height: inherit; cursor: auto; color: inherit;\">In your opinion, explain which financial statement you think is the most useful?<\/li>\n<\/ul>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\"><span style=\"line-height: inherit; cursor: auto; color: inherit;\">&nbsp;<\/span><\/p>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\"><\/p>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\"><span style=\"line-height: inherit; cursor: auto; color: inherit;\"><\/span><\/p>\n<p style=\"margin-right: 0px; margin-bottom: 0.3125rem; margin-left: 0px; font-size: 14px; line-height: 1.6; cursor: auto; color: inherit;\">&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The three primary financial statements tell us important and different things about a business. The balance sheet tells us about a company\u2019s resources and claims on those resources, the income statement measures a company\u2019s financial performance for a period of time, and the statement of cash flows reports the cash inflows and outflows of a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[44],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/10839"}],"collection":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/comments?post=10839"}],"version-history":[{"count":0,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/10839\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/media?parent=10839"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/disciplines?post=10839"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/paper_types?post=10839"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/tagged?post=10839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}