Acc 556 Week 2 Acc556 Week 2

In: Business and Management

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ACC 556 Complete Course ACC556 Complete Course
Click Link for the Answer: http://workbank247.com/q/acc-556-complete-course-acc556-complete-course/22176 http://workbank247.com/q/acc-556-complete-course-acc556-complete-course/22176
ACC 556 Week 1 Discussion
"Financial Statements" Please respond to the following: * From the e-Activity, analyze Apple’s most recent financial statements. Based on your analysis, predict whether Apple’s financial health will likely improve or deteriorate over the next five (5) years. Provide a rationale for your response. * From the e-Activity, examine Apple’s statement of cash flows. Recommend at least two (2) actions that Apple could take in order to maximize the use of its cash flows. Provide a rationale for your response.
ACC 556 Week 1 Homework Chapter 1
Question 1 A business organized as a separate legal entity owned by stockholders is a partnership.
Answer
True False
Question 2 Accounting communicates financial information about a business to both internal and external users.
Answer
True False
Question 3 The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company for a specific period of time.
Answer
True False
Question 4 One way of stating the accounting equation is: Assets + Liabilities = Stockholders’ Equity.
Answer
True False
Question 5 Claims of creditors and owners on the assets of a business are called liabilities.
Answer
True False
Question 6 A business organized as a corporation
Answer
| | is not a separate legal entity in most states. | | | requires that stockholders be personally liable for the debts of the business. | | | is owned by its stockholders. | | | has tax advantages over a proprietorship or partnership. |
Question 7 The accounting equation may be expressed as
Answer
| | Assets = Stockholders’…...

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