ACCT 504 Final Exam Guide ( 2 Set , New 2017 ) For more course tutorials visit www . uophelp . com
ACCT 504 Final Exam Guide ( 2 Set , New 2017 ) For more course tutorials visit www . uophelp . com
This Tutorial contains 2 Set of Final Exam
Question 1.1 . ( TCO D ) Please describe the purpose of the Income Statement and the interrelationship between the income statement and the other major financial statements that we covered in this class . In your answer , please also address which financial statements should be created before the Income Statement , if any , and which financial statements need to be completed after the Income Statement , if any . ( Points : 25 )
Question 1 — Set 2 1 . Please describe the purpose of the Balance Sheet and the interrelationship between the balance sheet and the other major financial statements that we covered in this class . In your answer , please also address which financial statements should be created before the Balance Sheet , if any , and which financial statements need to be completed after the Balance Sheet , if any
Question 2.2 . ( TCO E ) Your friend , Lisa , plans to open a nail salon . Lisa states that she does not have time to develop and implement a system of internal controls . ( a ) Explain to Lisa the components of internal control . ( 10 points )