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Question

1What is the purpose of a balance sheet？
2Distinguish the major differences between financial accounting and managerial accounting.
3What are the documents used to control a bank account?
4What is the purpose of the statement of cash flows?
5What is the nature of a joural?
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Answer 1

1 a balance sheet reports the assets, liabilities and stockholders' equity at a specific date. it shows the balance between the assets and the sum of liabilities and stockholders' equity. a balance sheet is like a snapshot of a company's financial condition at a specific moment in time.

2 Managerial accounting is used primarily by those within a company or organization. Reports can be generated for any period of time such as daily, weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within the company.

Financial accounting is used primarily by those outside of a company or organization. Financial reports are usually created for a set period of time, such as a fiscal year or period. Financial reports are historically factual and have predictive value to those who wish to make financial decisions or investments in a company.

3 bank deposits, checks, bank statements (debit memorandum and credit memorandum)

4 they report
a. the entity's ability to generate future cash flows
b. the entity's ability to pay dividends and meet obligations
c. the reasons for the difference between net income and net cash provided (used)by operating activities.
d. the cash investing and financing transactions during the period

5 ( do you mean journal?) the journal is referred to as the book of original entry.

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