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Which basic assumption may not be followed when a firm in bankruptcy reports financial results?
Wiki User
∙ 11y ago
Going concern assumption.
Wiki User
∙ 11y ago
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Which basic assumption is illustrated when a firm reports financial results on an annual basis?
Periodicity assumption.
What are financial reports that summarize the financial condition and operations of a business?
Financial statements are financial reports which summarize the financial condition and operations of a business. Included in a financial statement are a balance sheet, income statement, and also a cash flow statement.
Who uses summary reports of the financial activities of a business?
Accountants and financial directors
What financial statement reports an organization's financial position at a point in time?
Balance Sheet
A person who prepares and interprets financial reports is called?
An Accountant
Which basic assumption is illustrated when a firm reports financial results on an annual basis?
Periodicity assumption.
If you have lost all your financial records how do you find out who you owe money to when you file bankruptcy?
Make a list of what you can renember, then pull copies of your credit reports.
What is the difference between general purpose financial reports and special purpose financial reports?
General purpose financial reports are a common set of reports issued by most companies. Special purpose financial reports are specific reports related to individual events.
What is the Financial reports of San Miguel corporation?
What is the Financial reports of San Miguel corporation?
Which companies release financial reports?
All companies listed on the stock exchange are required to release annual financial reports to the public. All major companies such as Microsoft, Sony and Apple release financial reports.
When you file chapter 7 bankruptcy do they check your credit reports?
yes, it will remain on your credit reports for 7 years
What is the advantage and disadvantage financial management?
Advantages: it allows you to have cash when that cash is required (helping prevent bankruptcy) and helps you understand the profitability of the business Disadvantages: Financial reports are like the tail on a dog: at best they point to where the dog/company has been. They are no substitute for vision or leadership.
What are financial reports that summarize the financial condition and operations of a business?
Financial statements are financial reports which summarize the financial condition and operations of a business. Included in a financial statement are a balance sheet, income statement, and also a cash flow statement.
Who uses summary reports of the financial activities of a business?
Accountants and financial directors
How soon will a bankruptcy discharge show on a credit report?
The bankruptcy itself will show up on reports very soon after it is FILED. The discharge itself is not reported, just the public record of the bankruptcy itself.
What financial statement reports an organization's financial position at a point in time?
Balance Sheet
Is corporate bankruptcy records contained in a personal credit report?
Past bankruptcies may indicate a history of poor financial management and excessive debt. Financial difficulties increase the risk of fraudulent behaviour. In Canada, the Office of the Superintendent of Bankruptcy provides an Insolvency Name Search. It includes reports of all personal and corporate bankruptcies and proposals filed since 1978 and records of all receiverships since 1993. For the U.S., Lexis provides a Combined Bankruptcy Filings database that has summaries of personal and corporate bankruptcies for all U.S. states, District of Columbia, Guam, and Puerto Rico. Westlaw provides a similar database, Bankruptcy Filings Combined. AutoTrackXP by Choicepoint provides detailed reports on individuals and companies formulated from their large database of U.S. public records. Bankruptcy information is included.
