Homework Assignment Essay Example for Free

Homework Assignment Essay1. Define the impact of accounting. invoice is the process of identifying, measuring and communicating economic information about an organization for the economic consumption of making decisions and informed judgments.2. What atomic number 18 the three major divisions in the accounting field? Financial, managerial and cost accounting3. What is the Fundamental Accounting Equation?Assets = Liabilities + Equity4. What is the purpose of a equilibrize sheet? What are some(prenominal) examples of typical balance sheet accounts? A balance sheet is a summary of financial balances of an organizations assets, liabilities and equity listed on a specific date such as the end of year report. A balance sheet is a snap shot of the companys financial status5. What is the purpose of an income statement? What are some examples of typical income statement accounts? An income statement is also known as profit and loss statement is adept of the financial statements of a company and shows revenues and expenses during a particular period. An income statement indicates how the revenues are transformed into net income6. What is the purpose of a statement of coin flows? What are some examples of typical statement of specie flow accounts? A cash flow statement consists of three parts operating, investing and financing. It is the summary of transactions that affected cash in a particular period. In other words, it si a summary of all the cash payments and the cash receipts that occurred during a month, quarter or year for a business.7. Based on the financial information below, prepare an income statement and a balance sheet for Joes-Fly-by-Night Oil company for the year stop December 31, 2012. Unless otherwise indicated, assume all information below is either for the year 2012 or as of December 31, 2012.