Ongoing financial turmoil and major corporate failures

Assignment Help Financial Management

Reference no: EM131493529

True or False

1. A basic understanding of financial statements is needed due to ongoing financial turmoil and major corporate failures.

2. A corporate annual report contains three basic financial statements.

3. Management is responsible for the preparation of the financial statements, including the notes, and the auditor’s report attests to the fairness of the presentation.

4. Despite the enactment of the Sarbanes-Oxley Act of 2002, corruption and unethical behavior continued in the 2000s.

5. Publicity in the media can impact a firm’s financial performance.

6. The balance sheet shows the financial position of a company on a particular date.

7. The terms income, earnings, and profit are used interchangeably.

8. The statement of cash flows shows the changes in the income statement accounts between periods.

9. The statement of cash flows is helpful in determining the capacity of a firm to meet obligations for cash.

10. Tools and techniques used to evaluate a firm's financial condition should include common size financial statements, financial ratios, trend and structural analysis and industry comparisons.

Reference no: EM131493529

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