Homework Answers
Information that makes a difference to financial statement users should be reported in the financial statements or the footnotes.
Full Disclosure Principle
Full Disclosure Principle is the principle states that all the information related to the operation and financial position of the company should be disclosed. All the circumstances and events that related to the business operation and that can make the difference to the actual users should be fully disclosed. The investors should be fully aware about the events that can affect on the company's business operations.
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QUESTION 25 Information that makes a difference to financial statement users should be reported in the...
Which of the following describes how comprehensive income should be reported? 1) Must be reported in...
Which of the following describes how comprehensive income should be reported? 1) Must be reported in a separate statement, as part of a complete set of financial statements 2) Should not be reported in the financial statements but should only be disclosed in the footnotes 3) May be reported in a separate statement or in a combined statement of income and comprehensive income 4) May be reported in a combined statement of income and comprehensive income or disclosed within a...
Identify users of financial statement and the information needs of each users. Discuss the conflicting information...
Identify users of financial statement and the information needs of each users. Discuss the conflicting information need requirements of at least 5 users Propose a model of financial reporting that addresses the conflicting nature of financial statement users Justify your solution to manage the conflict
Who are the users of financial information, which financial statement would they be interested in and...
Who are the users of financial information, which financial statement would they be interested in and why? You may use an example to clarify your point.
which quality of financial information makes it possible for users to confirm or correct prior expectations?
which quality of financial information makes it possible for users to confirm or correct prior expectations?
QUESTION 2 Identify 3 EXTERNAL users of financial information/statements and list 3 questions per each of...
QUESTION 2 Identify 3 EXTERNAL users of financial information/statements and list 3 questions per each of these they might ask the company? TTT Arial 3 (12pt) • T Three external users of financial information/statements are
Indicate the qualitative characteristic of financial information being described in each item below: (a) Financial statements...
Indicate the qualitative characteristic of financial information being described in each item below: (a) Financial statements should include all information necessary to portray the underlying transactions. (b) Financial information should make a difference in a user’s decision-making. (c) Financial information should not favour one user or stakeholder over another. (d) Financial information should reflect the economic substance of business events or transactions. (e) Financial information should help users assess the impact of past, present, or future events. (f) Financial information...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users of information who are concerned w planning, control and how daily business decisions are made by the company. B. Management accounting is geared toward internal users who are responsible for making daily business decisions while financial accounting is geared toward outside users and must conform to Generally Accepted Accounting Principles (GAAP) rules when preparing general purpose financial statements such as the balance sheet and...
QUESTION 1 Identify 3 INTERNAL users of financial Information/statements and list 3 questions per each that...
QUESTION 1 Identify 3 INTERNAL users of financial Information/statements and list 3 questions per each that they might ask of the company when reviewing the information. TT T Arial • 3 (12pt) • T.EE The three internal users of financial information/statements are shareholders and directors, voters and their representatives, and managers and their employees. Questions that the shareholders and directors may ask is, do you believe the company's stock is fairly valued? What is the company's dividend policy? Or how...
External users of financial statements use the information to make key business decisions. Some common users...
External users of financial statements use the information to make key business decisions. Some common users include banks, investors, suppliers, and employees. Briefly describe one reason why each stakeholder would evaluate the financial information and provide a specific example to illustrate your ideas.
Accounting is a process that: Reports the profit and loss a firm makes Reports the financial...
Accounting is a process that: Reports the profit and loss a firm makes Reports the financial history of the firm Reports information to external users of the financial statements. Reports to the S.E.C. é There are four basic financial statements required by GAAP. They are: Balance Sheet, Income Statement, Cash Flow Statement and a Trial Balance. Balance Sheet, Income Statement, Cash Flow Statement and a Work Sheet. Balance Sheet, Income Statement, Cash Flow Statement and a Statement of Change to...
QUESTION 2 Identify 3 EXTERNAL users of financial information/statements and list 3 questions per each of these they might ask the company? TTT Arial 3 (12pt) • T Three external users of financial information/statements are
QUESTION 1 Identify 3 INTERNAL users of financial Information/statements and list 3 questions per each that they might ask of the company when reviewing the information. TT T Arial • 3 (12pt) • T.EE The three internal users of financial information/statements are shareholders and directors, voters and their representatives, and managers and their employees. Questions that the shareholders and directors may ask is, do you believe the company's stock is fairly valued? What is the company's dividend policy? Or how...
Accounting is a process that: Reports the profit and loss a firm makes Reports the financial history of the firm Reports information to external users of the financial statements. Reports to the S.E.C. é There are four basic financial statements required by GAAP. They are: Balance Sheet, Income Statement, Cash Flow Statement and a Trial Balance. Balance Sheet, Income Statement, Cash Flow Statement and a Work Sheet. Balance Sheet, Income Statement, Cash Flow Statement and a Statement of Change to...
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