Acc 556 Week 10 Acc556 Week 10 Essay

14019 Words Jan 7th, 2016 57 Pages
ACC 556 Complete Course ACC556 Complete Course
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ACC 556 Week 1 Discussion
"Financial Statements" Please respond to the following: * From the e-Activity, analyze Apple’s most recent financial statements. Based on your analysis, predict whether Apple’s financial health will likely improve or deteriorate over the next five (5) years. Provide a rationale for your response. * From the e-Activity, examine Apple’s statement of cash flows. Recommend at least two (2) actions that Apple could take in order to maximize the use of its cash flows. Provide a
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Answer | | $81,000 | | | $72,000 | | | $102,000 | | | $78,000 |
Question 14 All of the following are interrelationships that are important to understand when preparing financial statements except
Answer
| | the net income from the income statement is used in the retained earnings statement. | | | the ending retained earnings from the retained earnings statement is used in the stockholder's equity section of the balance sheet. | | | the cash on the balance sheet should be equal to the cash at the end of the period on the statement of cash flows. | | | all of the payments on the balance sheet should be equal to the cash payments for operating activities on the statement of cash flows. |
Question 15 External users want answers to all of the following questions except
Answer
| | Is the company earning satisfactory income? | | | Will the company be able to pay its debts as they come due? | | | Will the company be able to afford employee pay raises this year? | | | How does the company compare in profitability with competitors? |
Question 16 Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX)?
Answer
| | The Act calls for increased oversight responsibilities for boards of directors. | | | The Act has resulted in increased penalties for financial fraud by top management. | | | The Act calls for

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