Question 1:
We discussed 4 external environmental factors that we, as a business, cannot specifically control, but that will impact what we can and cannot do in our business. List the 4 factors in the space provided and then briefly explain each and give an example of each.
Question 2:
List and briefly define the 5 typical functional areas in a business that we discussed in class.
Question 3:
Match each of the questions with a financial statement which answers the question.
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Accounting Question
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Answer one: Income Statement Balance Sheet or Statement of Cash Flows
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How much did it cost to produce products?
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What is the total amount the stockholders have invested in the company?
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What is the total amount my customers owe me?
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What is the amount of executive salaries?
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Did the firm generate or use cash for operating activities?
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Question 4:
Briefly explain and discuss how the following news media statement can impact a company: "Venture Furniture failed to meet its second quarter earnings estimates. Venture stock fell by 10% in trading today."
Question 5:
a. Reproduce a Balance Sheet and Income Statement in proper format and correct order of accounts (Note: dollar amounts are not needed)
b. Provide the "Accounting (Balance Sheet) Equation".