Accounting Equations & Answers: QuickStudy Laminated Reference Guide Pamphlet – May 31, 2012

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A VERY NICE CONVENIENCE AND LEARNING ITEM. IT WOULD BE BENEFICIAL TO HAVE AN ACTUAL DEFINITION PRESENTED FOR THE TERM "CASH" AND ALSO FOR THE TERM "PAYMENT", AND ONE SMALL CORRECTION: IN THE SECTION ON LIQUIDITY RATIO's, IN THE DEFINITION OF "LIQUIDITY" IT IS DEFINITELY NON-STANDARD AND PROBABLY NOT APPROPRIATE TO REFER TO U.S. SAVINGS BONDS AS "CASH EQUIVALENTS." THEY ARE BACKED BY UNCLE SAM, THAT IS 100% TRUE, HOWEVER THEY ARE DESIGNED AND INTENDED AS SAVINGS PRODUCTS NOT AS CASH SUBSTITUTES OR CASH EQUIVALENTS, AND I THINK LORD PLENDER WOULD AGREE - A FINANCIAL PRODUCT THAT WILL CONFRONT YOU WITH A GUARANTEED CONTRACTUAL LOSS OF THREE MONTHS' INTEREST (A FULL QUARTER) IF YOU SELL IT BEFORE ITS MATURATION - THAT REALLY SHOULD NOT BE CONSIDERED A CASH EQUIVALENT. THERE IS AN EXCEPTION IF YOU WAIT FOR FIVE YEARS, BUT THAT DOES NOT REALLY ENTER INTO THE ISSUE. IF USED AS A SHORT TERM INVESTMENT - U.S. SAVINGS BONDS PRESENT A FAIRLY SIGNIFICANT INTEREST PENALTY IF CASHED IN EARLY - SO IT IS NOT ACCURATE TO REFER TO EITHER CLASS OF U.S. SAVINGS BONDS (NEITHER THE SERIES EE NOR THE SERIES I) AS CASH EQUIVALENTS, BECAUSE IF/WHEN ENCASHED BEFORE THE FIVE-YEAR MARK - THERE IS A SIGNIFICANT INTEREST PENALTY. THEREFORE IN THAT SAME SECTION, I.E. UNDER THE DEFINITION OF ""LIQUIDITY RATIO's" IN THE SECTION TABBED "LIQUIDITY" THE EXAMPLE IS SIMILARLY INCORRECT BECAUSE ACCRUED INTEREST MUST BE PRESENTED ON THE BALANCE SHEET AND IF THERE IS AN INTEREST PENALTY FOR AN INSTRUMENT BEING USED AS A CASH-EQUIVALENT, THAT MUST BE REFLECTED IN ITS VALUE, AND IN THE EXAMPLE, THAT IS MISSING. THIS KIND OF ERROR CAN LEAD TO A SLIGHTLY INCORRECT RENDERING OF THE CASH RATIO, PRESUMABLY EITHER POSITIVE OR NEGATIVE DEPENDING ON WHETHER CASH INTEREST RATES ARE POSITIVE OR NEGATIVE. SAVINGS BONDS ARE CERTAINLY NICE, BUT THEY ARE NOT CASH EQUIVALENTS IN THE BASIC SENSE. WE HAVE TO FIGHT FOR EVERY PENNY. THE ISSUE OF CASH EQUIVALENCE MUST BE TAKEN SERIOUSLY, ALONG WITH THE VARIOUS POTENTIAL ISSUES OF INTEREST ACCRUAL SEEh t t p s : / / w w w . s e c . g o v / l i t i g a t i o n / o p i n i o n s / 3 3 - 8 3 9 5 . h t m (compress/remove spaces to access the link) SKOAL

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Financial statements are prepared in the order of1) the income statement,2) statement of owner's equity,3) balance sheet,4) statement of cash flows.This order is important because the financial statements are interrelated.This study guide has sections for the income statement, balance sheet, and statement of cash flows but is missing section for Statement of Owner's Equity