ACC 556 Week 3 ACC556 Week3

ACC 556 Week 3 ACC556 Week3

ACC 556 Complete Course ACC556 Complete Course
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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’ Equity – Liabilities.


Assets = Liabilities + Stockholders’ Equity....

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