Question

Match each of the following items (1-5) on the left with related explanations (A – E)...

Match each of the following items (1-5) on the left with related explanations (A – E) on the right.

1 Notes to Financial Statements A.

Cash flow activities that are associated with the day-to-day operations of a business.
2 Cash-based Accounting B.

Management’s interpretation of the company’s recent financial performance and condition.
3 Operating activities C.

Description of assumptions and estimates used in preparing the financial statements.
4 MD&A D.

An equation depicting the balance sheet relationships.
5 Accounting Equation E.

An accounting measurement system that records the financial effects of business transactions when the underlying event has a cash effect.
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Answer #1

Correct match is as follows:

Notes to Financial Statements – C, Description of assumptions and estimates used in preparing the financial statements.

Cash-based Accounting – E. An accounting measurement system that records the financial effects of business transactions when the underlying event has a cash effect.

Operating activities – A. Cash flow activities that are associated with the day-to-day operations of a business.

MD&A – B. Management’s interpretation of the company’s recent financial performance and condition.

Accounting Equation – D. An equation depicting the balance sheet relationships.

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