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Tutor profile: Michelle F.

Michelle F.
Tutor for 3 years. Senior Credit Analyst

Questions

Subject: Basic Math

TutorMe
Question:

Explain the importance of learning math in school?

Michelle F.
Answer:

Math is vital in understanding all aspects of life. From money management to savings, to cooking and cleaning, math is included in the decision. Money management is concerned with ensuring family budgets are balanced and savings increase to ensure unexpected expenses are covered. Cooking and cleaning decisions occur when injecting the right amount of ingredients to ensure safe results. Dangerous consequences can occur without understanding basic math.

Subject: Accounting

TutorMe
Question:

Describe the cash flow statement?

Michelle F.
Answer:

The cash flow statement is the most important financial statement to analyze when assessing the ability of repayment or return. The statement reconciles the changes in the cash account over two accounting periods. To prepare the statement the user must have the most recent income statement and the last two balance sheets. The statement includes three sections; operating investing, and financing activities. The operating activities section includes the cash expenses on the income statement and the net changes to current assets and current liabilities over two periods. The investing activities section includes the changes in the non-current activities section on the balance sheet. The financing activities section includes net changes in the non-current liabilities and equity sections of the balance sheet. The net changes of all three sections are combined with the beginning cash balance to determine the ending cash balance.

Subject: Business

TutorMe
Question:

Explain the accounting equation and its importance in understanding business operations?

Michelle F.
Answer:

The accounting equation is Assets = Liabilities + Owners Equity. Assets are items owned by a business. Liabilities are funds due to internal and external stakeholders. Owner's equity is the funds injected or retained in a business since inception. The three-section make up the balance sheet of an operation. A balance sheet gives an investor or financial institution the ability to determine the overall resiliency of an operation. The net profit or loss of an operation folds into the owner's equity section to balance the accounting equation.

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