individual assignment course principles of accounting acc10

FPT UNIVERSITY- CAMPUS CAN THOINDIVIDUAL ASSIGNMENTCOURSE: PRINCIPLES OF ACCOUNTING – ACC101Subject: Principles of AccountingACC101ClassLecturer’s Name: Student’s Name: Student’s ID:...

FPT UNIVERSITY- CAMPUS CAN THO

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INDIVIDUAL ASSIGNMENT COURSE: PRINCIPLES OF ACCOUNTING – ACC101

Subject: Principles of Accounting(ACC101)

Class Lecturer’s Name:

Student’s Name:

Student’s ID:

Question 1: A.

B.

D.

Question 2:

Question 3:

a/ What are the four financial statements? What are their purposes? Give an example of four financial statements of a Vietnamese company.

The four primary financial statements are:

1 Income Statement:

- Describes a company’s revenues and expenses along with the result-ing net

income or loss over a period of time due to earnings activities

2 Balance Sheet:

- Purpose: Describes a company’s financial position (types and amounts of assets, liabilities, and equity) at a point in time

3 Statement of Cash Flow:

- Purpose: Identifies cash inflows (receipts) and cash outflows (payments) over a period of time

4 Statement of Owner’s equity:

- Purpose: Explains changes in equity from net income (or loss) and from any owner investments and withdrawals over a period of time

https://file.hoaphat.com.vn/hoaphat-com-vn/2023/03/20220320-hpg-bao-cao-tai-chinh-hop-nhat-sau-kiem-toan-nam-2022.pdf

b/ Explain how accounting adjustments link to financial statements.

Accounting adjustments bring an asset or liability account balance to its correct amount They also update related expense or revenue accounts Every adjusting entry affects one or more income statement accounts and one or more balance sheet accounts An adjusting entry never affects the Cash account