General accounting practice is based upon the accrual concept. Explain what this means and briefly describe how this compares with the financial manager’s focus on cash.
Answer to relevant QuestionsWhat is the purpose of the income statement? Also, briefly identify and describe the major types of expenses that are shown on the typical income statement. What was GM’s financial position prior to its bailout in 2009? How did the bailout improve its financial position? Describe four provisions of the Sarbanes-Oxley Act. Use your knowledge of income statements and common-size statements to fill in the missing dollar amounts. Describe the Du Pont method or system of ratio analysis. What are the two major components of the system?
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