Internal reports are developed specifically for senior management in the way they are required by them. | ||||||||
There is generally no standard format for internal reports and are prepared based on the design specified by the management. | ||||||||
Internal reports are reviewed by management to understand the company's performance and progress | ||||||||
Lenders, suppliers and employees used in the external reports as internal reports are not available in public and are not shared externally and internally with everyone. | ||||||||
External reports are shared with everyone which are based on standard format required by compliance authorities | ||||||||
Thus, internal reports are usually used by management | ||||||||
internal reports are generally used by? lenders management employees suppliers
Why is it permissible to violate generally accepted accounting principles when preparing reports used strictly by company management?
Violating GAAP Why is it permissible to violate generally accepted accounting principles when preparing reports used by company management?
Violating GAAP Why is it permissible to violate generally accepted accounting principles when preparing reports used by company management? give your own answer in a paragraph
Managerial Internal (Inside) accounting information reports are generally prepared for A) Stockholders or Shareholders B) Creditors, Lenders, or Banks C) Managers. D) Regulatory Agencies, like the IRS or SEC Which of the following is NOT an Internal User of the Financial Statements? A) Creditor or Lender or Bank B) Department Manager C) Controller D) Treasurer The work labor of Factory workers that can be physically and directly and conveniently associated with making Raw Materials (RM) into Finished Goods (FG) is...
Management accounting screton to monitor and evaluates fim's performance is used to help management to make decom is valuable for internal and externalters requires third party wuditions to verify technical is a synonym for cost accounting 2. Financial accounting Totuses on the future and includes activi h in next year budget prepared for the use of department heads and other employees reports include detailed information on the various of the such as product lines or departments r ing standards must...
1. Match either Internal Auditor or External Auditor to the appropriate statement below. A. Internal auditor B. External auditor . work for an outside audit firm . produces reports used by management . examine the financial records and issue an opinion regarding the financial statements of the company. . can be used to provide advice and other consulting assistance to employees . hired by the company . constrained from supporting an audit client too closely . do not have to...
What information would be most valuable to management, lenders in making this choice.
In quantifying the need for Internal Control, we generally look at the risk associated with a particular process or entity. Answer the following questions regarding risk & internal control: What are the two components generally used to assess risk, and what do they mean? Why is an awareness of risk useful for the application of internal control? What would happen if risk were not accounted for in internal control? Give three examples of specific internal controls, and explain a scenario/risk...
-- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...
What is the purpose of stock warrants? How are they used by lenders/investors?