Questions and Answers of Financial Statement Analysis

What gives rise to accounting distortions? Explain.
Discuss the advantages and disadvantages of fair value accounting.
What adjustments would you make to net income to determine economic income?
Explain how accountants measure income.
Describe alternative information sources beyond statutory financial reports that are available to investors and creditors.
Describe forces that serve to limit the ability of management to manage financial statements.
Who has the main responsibility for ensuring fair and accurate financial reporting by a company?
Describe the U.S. financial reporting environment including the following:a. Forces that impact the content of statutory financial reportsb. Rule-making bodies and regulatory agencies that formulate
Common-size and trend percents for JBC Company’s sales, cost of goods sold, and expenses follow:Determine whether net income increased, decreased, or remained unchanged in this three-year period.
Refer to the information in Exercises 1–3 and 1–5 about Mixon Company. Compare the long-term risk and capital structure positions of the company at the end of 2006 and 2005 by computing the

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