MA – Financial Statements

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  1. What is the role of accounting in business?
  2. Describe the difference between an accounts receivable and an accounts payable.
  3. The financial statements are interrelated. a) What item of financial or operating data appears on both the income statement and the statement of owner’s equity? b) What item appears on both the balance sheet and the statement of owner’s equity?
  4. Helen Hernandez, president of Double H Enterprises, applied for a $175,000 loan from Great Nations Bank. The bank requested financial statements as a basis for granting the loan. Helen instructed her accountant to provide the bank with a balance sheet, but to omit the other financial statements because her business incurred a net loss last year. Helen contends that as the owner of the business, it is her right to withhold certain financial statements from the bank. Do you agree with Helen? Why or why not? What type of information would banks require from a loan applicant and why would the loan officer request this information?

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MA – Financial Statements

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