Is presentation of a personal income statement appropriate

Assignment Help Finance Basics

Reference no: EM131290423

1. Is the presentation of a personal income statement appropriate?

2. GAAP as they apply to personal financial statements use the cash basis. Comment.

3. Is the concept of working capital used with personal financial statements? Comment.

4. List some sources of information that may be available when preparing personal financial statements.

Reference no: EM131290423

Questions Cloud

Describe the unique aspects of revenue recognition : Real estate companies contend that conventional accounting does not recognize the underlying value of the property and that this misleads investors. Discuss.

Understand property taxes : Explain why it is or is not important to understand property taxes, the property tax process, and the property tax cycle in the jurisdiction where you own or plan to own property.

Calculate the total variance for production labor : Frasco Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.025 hours. During the month of April, 750,000 bottles were produced using 21,000 labor hours @ $10.00. The standard wage rate is $9.50 per hour. Calculate the tot..

Property are reflected in the us constitution : Analyze and explain how John Locke's theories from the 2nd Treatise on Property are reflected in the US Constitution.

Is presentation of a personal income statement appropriate : List some sources of information that may be available when preparing personal financial statements.

Assume a local health club-texas two-step : Assume a local health club, Texas Two-Step (TTS), records 100 percent of amounts received from membership fees in the month the cash is received rather than to accrue it over the twelve month period of membership. Assume the accounting does not compl..

Euclidean zoning and form based zoning : Explain the difference between Euclidean Zoning and Form Based Zoning.

Project charter checklist for expert tips : At a project's initiation, management and stakeholders authorize and approve the work to be done. This process often takes the form of a project charter, which can be either an informal document or a formal contract. In both cases, key stakeholder..

Involved in maintaining it and approving renters : Anwar owns a rental home and is involved in maintaining it and approving renters. During the year he has a net loss of $10,500 from renting the home. His other sources of income during the year were a salary of $125,000 and $20,900 of long-term capit..

User Account

All Pages