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How the consequence of wrong treatment of capital and revenue expenditures might adversely effect the financial reporting?
Wiki User
∙ 12y ago
Non recognition of revenue in the relevant month will
ü Lead towards inconsistent application of matching principle
ü understate monthly profit
Affect profitability ratios
Wiki User
∙ 12y ago
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Define financial system?
Financial system is the processes and procedures used by a firm's management to exercise financial control and accountability. These measures include ecording, verification and timely reporting of transactions that affect revenues, expenditures, assets and liabilities.
How does GAAP affect financial reporting?
How does GAAP affect financial reporting?
When was Financial Reporting Council created?
Financial Reporting Council was created in 1990.
Do financial reporting and financial statement mean the same thing?
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What determines fair financial reporting?
But in the end, fair financial reporting depends on the integrity of the company's financial team.
When was Financial Reporting Council of Nigeria created?
Financial Reporting Council of Nigeria was created in 1982.
Why may regulation of financial reporting be important?
The regulation of financial reporting is important in order to make sure that said financial reporting is accurate and transparent. This, in turn, is important to prevent fraud and malfeasance.
What does it mean information reporting?
Information reporting refers to the process of reporting financial or non-financial information to regulatory authorities, tax agencies, or other relevant parties. This helps ensure transparency, compliance with regulations, and accuracy in reporting financial transactions.
What body has defined the purpose of financial accounting and reporting?
The basic foundation of governmental financial accounting and reporting in the United States was established by the Governmental Accounting Standards Boards (GASB) in its "Objectives of Financial Reporting,"
How does society benefit from the financial reporting process?
what is the process for reporting accidents?
Define public financial management?
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Do the terms financial reporting and financial statement mean the same thing explain?
No they do not mean the same thing. Financial reporting is the more indept report. A financial statment are a subset of the total information in the financial report.
