DeSalle Company’s annual report includes the following items: financial statements, notes to the financial statements, management’s discussion and analysis, and a report of independent accountants.

Required:

Where would you most likely find a discussion of the sales trends of the company’s most profitable products in the annual report?

DeSalle Company’s annual report includes the following items: financial statements, notes to the financial statements, management’s discussion and analysis, and a report of independent accountants.

Required:

Where would you most likely find an opinion as to whether the financial statements are a fair presentation of the company’s financial position and results of operations in the annual report?

DeSalle Company’s annual report includes the following items: financial statements, notes to the financial statements, management’s discussion and analysis, and a report of independent accountants.

Required:

Where would you most likely find the total resources and claims to the resources of a company in the annual report?

Which of the following statements regarding the income statement is true?

a. The income statement provides information about the profitability and growth of a company.

b. The income statement shows the results of a company’s operations at a specific point in time.

c. The income statement consists of assets, expenses, liabilities, and revenues.

d. Typical income statement accounts include sales revenue, unearned revenue, and cost of goods sold

DeSalle Company’s annual report includes the following items: financial statements, notes to the financial statements, management’s discussion and analysis, and a report of independent accountants.

Required:

Where would you most likely find a description of the accounting methods used by the company in the annual report?