Reference no: EM133182468

Questions -

Question 1 - Discuss the accounting equation and describe at least five examples of each element. Why must the accounting equation always remain in balance? What is a classified balance sheet and what are its advantages?

Question 2 - Compare the single-step income statement to the multiple-step income statement. What is cost of goods sold and what does is represent? Please discuss the key subtotals in the multiple-step income statement and what they represent.

Question 3 - Discuss the three cash flow statement categories and describe at least four examples of transactions in each category. Please compare the two cash flow statement presentations and describe cash from operations for each type.

Question 4 - Discuss accounts receivable and what is represents. Please address what net realizable value indicates and why accounts receivable is presented this way. Please identify what bad debts and the allowance for doubtful accounts are and how they impact accounts receivable.

Question 5 - Identify the three types of inventory and describe examples for Under Armor, Ghirardelli Chocolate, and [kea. Please also describe LIFO, FIFO, and average cost and how to calculate cost of goods sold and ending inventory under each method.

Question 6 - Describe the different types of property, plant and equipment and provide examples of each for a company like Nike. Please explain the concept of depreciation and describe how to compute depreciation using straight-line and double-declining balance.