What are the primary financial statements? What is the purpose of financial statements and why is...
What are the primary financial statements? What is the purpose of financial statements and why is it important to understand them?
Homework Answers
primary financial statements -- These are the statements which are primarily used for assesment of financial or economic conditions of companies externally by other sources.
Following are the types of primary financial statements — Income statement, Balance sheet, cash flow statement.
Purpose of financial statements is to know financial status of companies, their performance, help for planning and make decisions for improvement in future, compare the present and past performance , to know what is risk for company.
It is very important to understand the financial statements because it helps to achieve future needs and requirements for company.
Thank-you.
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What are the primary financial statements? What is the purpose
of financial statements and why is...
What are the primary financial statements? What is the purpose of financial statements and why is...
What are the primary financial statements? What is the purpose of financial statements and why is it important to understand them?
What are the financial statements and why are they important?
What are the financial statements and why are they important?
Q1 What is the objective purpose of general-purpose financial reporting? Q2 Users of financial statements can...
Q1 What is the objective purpose of general-purpose financial reporting? Q2 Users of financial statements can face different questions about the recognition and measurement of financial items. To help develop the type of financial information that can be used to answer these questions financial accounting and reporting rules are based on a conceptual framework. Requirements: 1. What are the basic components of the Conceptual Framework? 2. What are your views about the success of the conceptual framework?
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Why is financial management important to the organization? Distinguish between the purpose of healthcare management and the purpose of health care financial management.
PR-A3 Explain why non-reporting entities must prepare financial statements. Include in your response: i. General purpose...
PR-A3 Explain why non-reporting entities must prepare financial statements. Include in your response: i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements. Include the specific act or legislation you referred to.
Discuss the components of consolidated financial statement. What is the purpose of consolidated financial statements? Provide...
Discuss the components of consolidated financial statement. What is the purpose of consolidated financial statements? Provide an example.
2. What financial statements and the ratios associated with them are of particular importance to the...
2. What financial statements and the ratios associated with them are of particular importance to the creditors of the firm and why? 3. What measurements of both risk and return (the important concerns of management) can be found in the financial statements and what ratio's provide that information? 4, Does GAAP provide only one means to provide financial information to the readers of the financial statements or are there several that are allowed based on the financial status of the...
What is the primary purpose of performance reviews? a. to clarify what is important to the...
What is the primary purpose of performance reviews? a. to clarify what is important to the organization b. to improve future performance c. to link performance and compensation d. to make employees fully aware of their current performance
There are different tools for analyzing the financial statements of a company, such as horizontal analysis,...
There are different tools for analyzing the financial statements of a company, such as horizontal analysis, vertical analysis, ratios for measuring financial health and profitability, and so forth. But before we begin using these tools, it is important to know the purpose of each tool. Why do we need different tools for analyzing financial statements? Don't the numbers in the financial statements speak for themselves?
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PR-A3 Explain why non-reporting entities must prepare financial statements. Include in your response: i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements. Include the specific act or legislation you referred to.
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