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Why is accounting standards important for financial statements?
Accounting standards ensures that financial statements are prepared whereever in the world is same and information provided on it is comaprable and readable for all kind of users.
Presenting consolidated financial statements this year when statements of individual companies were presented last year is?
an accounting change that should be reported by restating the financial statements of all prior periods presented.
Who is the independent auditor of twitter's financial statements?
The firm Deloitte & Touché LLP is the independent auditor for Twitter. They handle all of the financial statements for this company.
What is the difference between abridged financial statements and detailed financial statements?
"Abridged" is more condensed, while "detailed" is just as it implies - detailed, with all financial details, facts and figures included.
Merits and demerits of the all inclusive approach of financial statement presentation?
What are the merits of financial statements presentation?
Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trail balance?
Yes! The adjusted trial balance is the first step in preparing the financial statements. As that is done, completing the financial statements are relatively easy. The trial on it's own is difficult for people to understand.
All of the financial statements are for a period of time except the?
owner's equity statement
The ledger that contains all accounts needed to prepare financial statements is the?
source document
What is difference between audited and unaudited balance sheet?
i was looking for the same answer.... so9 here it goes..A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of an entity. The opinion is intended to provide reasonable assurance that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework (the GAAS requirements)ANDAn unaudited financial statement is that which an auditor has prepared, but not according to the Generally Accepted Auditing Standards (GAAS). Auditors preparing unaudited statements are required to issue a disclaimer stating that they are not rendering opinions and that the statement does not abide by the GAAS.hope it helped clear the difference!!:)
The accounting principle that requires financial statements to report all relevant information about the operations and financial condition of a company is called?
Full Disclosure Principle
Is the adequate disclosure accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition?
yes, yes it is
How do you audit a financial statement?
Auditing the financial statements of a business is a tedious process, the further the auditor wants to go back, the more difficult it becomes. In order to audit the financial statements of a company, the auditor has to go through all the financial statements, look at all receipts of moneys earned, spent, invested, etc and compare them to each and every entry to make sure that they match. Providing all accurate receipts, invoices, pay-roll information and other financial information will help make the process much easier and faster.
