Question

Which of the following statements concerning the notes to the audited financial statements of a company...

Which of the following statements concerning the notes to the audited financial statements of a company is least accurate? Financial statement notes:

are audited.

contain information about contingent losses that may occur.

include management's assessment of the company's operating performance and financial results.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

ANSWER : include management's assessment of the company's operating performance and financial results.

(THUMBS UP PLEASE)

Director's report & management discussion include management's assessment of the company's operating performance and financial results. so that is only least correct from view point of notes to accounts.

Add a comment
Know the answer?
Add Answer to:
Which of the following statements concerning the notes to the audited financial statements of a company...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • The notes to the financial statements: 1. 2. The notes to the financial statements: Multiple Choice...

    The notes to the financial statements: 1. 2. The notes to the financial statements: Multiple Choice eBook . should be referred to if more than a cursory, and perhaps misleading impression of a firm's financial position and its results of operations is to be achieved. O are not an integral part of the financial statements. 0 include a great deal of detailed information that is potentially useful only to a financial analyst making a detailed appraisal of the future prospects...

  • Which of the following statements about the annual report are true?

    Which of the following statements about the annual report are true? (Select all that apply.)Check All That ApplyAnnual reports of public companies include an assessment of the company's internal control procedures.The company's auditor prepares the financial statements while its management prepares the other information and disclosures required in the annual report.The management's discussion and analysis section of the annual report provides an unbiased perspective of a company's operations, liquidity, and capital resources.The proxy statement contains disclosures on compensation to directors...

  • Part I Annual reports include not only comparative financial statements sources of information, such as: aso...

    Part I Annual reports include not only comparative financial statements sources of information, such as: aso other A multiyear summary of financial highlights, a summary of key statistics for the pas 10 years. Several pages of Notes that accompany the financial statements Reports by management and by the independent auditors in which they express their respective responsibilities for the financial statements. . ' Instructions Answer each of the following questions and briefly explain where in the statements, notes, or other...

  • A person who is looking at a company's financial statements cannot determine whether the: Multiple Choice...

    A person who is looking at a company's financial statements cannot determine whether the: Multiple Choice company's earnings are rising or falling. company pays a dividend. O company's owners are financially secure. company has positive cash flow. Which of the following statements about adjustments is incorrect? Multiple Choice Adjustments help the financial statements present the economic resources that the company owns and owes at the end of the period. Adjusting entries are intended to change the operating results to reflect...

  • Financial Reporting Problem: Apple Inc.CT10.1The financial statements of Apple Inc. are presented inAppendix...

    Financial Reporting Problem: Apple Inc.CT10.1The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website.InstructionsRefer to Apple's financial statements and answer the following questions about current and contingent liabilities and payroll costs.a.  What were Apple's total current liabilities at September 26, 2015? What was the increase/decrease in Apple's total current liabilities from the prior year?b.  What were the components of total current liabilities on September 26,...

  • Identifying Where Items are Disclosed in Form 10-K The following excerpts 1 through 7 are from...

    Identifying Where Items are Disclosed in Form 10-K The following excerpts 1 through 7 are from financial statements and accompanying notes on Form 10-K. Indicate which section a through g(listed below) that the excerpt is reported. Excerpt from Financial Statements and Accompanying Notes on Form 10-K 1. Statement from the CEO (chief executive officer) and CFO (chief financial officer) that they have evaluated controls over financial reporting. 2. Additional financial reporting information communicated to financial statement users as required by...

  • 13. Ratio analysis A company reports accounting data in its financial statements. This data is used...

    13. Ratio analysis A company reports accounting data in its financial statements. This data is used for financial analyses that provide insights into a company's strengths, weaknesses, performance in specific areas, and trends in performance. These analyses are often used to compare a company's performance to that of its competitors, or to its past or expected future performance. Such insight helps managers and analysts improve their decision making. Consider the following scenario: You work as an analyst at a credit-rating...

  • 3. The common set of standards and procedures by which audited financial statements are prepared is...

    3. The common set of standards and procedures by which audited financial statements are prepared is known as the: A. B. C. matching principle. cash flow identity. Generally Accepted Accounting Principles. Financial Accounting Reporting Principles. Standard Accounting Value Guidelines. D. 4. Which one of the following is the financial statement that summarizes a firm's revenue and expenses over a period of time? income statement balance sheet statement of cash flows tax reconciliation statement market value report

  • Refer back to Apple Inc. as a technology company and assess the financial statements using the...

    Refer back to Apple Inc. as a technology company and assess the financial statements using the ratio tools Select at least one profitability, liquidity, solvency, and market valuation ratio and evaluate the results. Based on your findings, post an initial response to the following: What do the metrics tell you about the company’s performance? Support your answer by explaining the results from your assessment. If you were considering investing in the company, what other questions would you ask to gain...

  • Which of the following is not a limitation of financial statements? A.It is possible that two...

    Which of the following is not a limitation of financial statements? A.It is possible that two firms operating in the same industry may follow different accounting methods for the exact same transaction. B.Financial statements are not adjusted to show the impact of inflation. C Financial statements do not reflect opportunity cost, which is an economic concept relating to income forgone because an opportunity to earn income was not pursued. D. Full disclosure requires that the financial statements and notes include...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT