Table of Contents
Chapter 5 Homework Accounting
In chapter 5 of accounting, students will learn about the different types of financial statements and how to prepare them. This includes learning about the balance sheet, income statement, and statement of cash flows. The homework for this chapter will help students practice preparing these types of statements.
Chapter 5 Homework Accounting: How To Make Sure You Get An A
Chapter 5 of Accounting is all about analyzing financial statements and the financial condition of companies. This includes calculating key ratios like return on equity, quick ratio, and debt to equity ratio; determining whether companies are overvalued or undervalued based on their ratios; and identifying major risks that could harm the company’s financial health in the future. The most challenging thing about this chapter is all the calculations you’ll have to do, but following these steps will help you make sure you get an A on your accounting homework assignment.
1) Read The Chapter
Chapter 5 of Accounting for Dummies discusses how you can use the charts in your financial records as a basis for creating reports that will help you make decisions about your business. This chapter also provides tips on how you can better manage your cash flow. For homework, read Chapter 5 and fill out the following chart with any additional questions or comments that you have.
1) What is depreciation? When should it be used?
2) What is a balance sheet? List its main components.
3) What is an income statement? List its main components.
4) What are some examples of assets that most companies have?
5) Why would a company list liabilities on their balance sheet?
6) What are some purposes of financial statements?
2) Do The Exercises
- What is the balance of the following account?
- What is the balance of this account if a deposit of $500 was made on December 31, 2018?
- What would be the balance on December 31, 2020 if a $150 withdrawal was made from this account on October 15, 2019?
- What is the balance in this account when there are two separate withdrawals of $500 each made on November 18 and December 12, 2020?
- What would be the balance in this account when there is a withdrawal of $600 on November 18 and then another withdrawal of $400 on December 12, 2020?
3) Understand The Concepts
In the chapter, you learned how accounting is a way of providing information about the financial condition of a company. This process is done through the use of accounting records, which are statements and summaries that contain information about money transactions during a specific period. In order for accounting records to be complete and accurate, it’s important for businesses to have basic understanding of what accountants need from them in order to maintain accurate records. This includes being able to identify debits from credits, understand why companies use double entry bookkeeping, and knowing how depreciation affects their business.
Chapter 5 Homework Accounting
4) Apply The Concepts
Chapter 5 Homework Accounting has a lot of tricky aspects. These are important concepts to know in order to get a good grade on the homework assignment and for your future as a business owner. The topics include: doing accounting, balancing the books, types of financial statements, going public, and partnerships. Doing accounting includes making sure that you are organized with your receipts and invoices so that you can make sure you’re not missing anything when it comes time for taxes. Balancing the books is important because if you don’t do this then you will have no idea how much money is coming in versus how much money is going out. This will also affect cash flow which will be something important for any company.
5) Get Help From A Tutor Or Professor If Needed
Chapter 5 Homework Accounting is a difficult chapter. Don’t get discouraged if you can’t figure out how to do it. It’s often the case that students don’t know how to solve problems or even which problems need solving. If you’re having trouble, your best bet is to talk with your professor or tutor during office hours so they can help you understand the assignment and find the right problem-solving process for you.
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