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There is really no benefit in preparing financial statements in any particular order?
Wiki User
∙ 11y ago
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Wiki User
∙ 11y ago
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How do you standardize balance sheets and income statements and why is standardization useful?
By using international accounting standards for preparing of financial statement will standardize them and standardization has benefit that it helps every body to read the financial statements and anybody can easily compare with each other and done analysis as well.
What is the benefit of consolidated financial statements which are prepared under the concept of control?
To determine the overall heath of a group of companies as opposed to only one company.
The problems of using financial ratio analysis on a set of published financial statements exceed benefit to be gained?
Please do the assignment on your own, UTAR students. Anyone caught doing this again will be penalized. Thank you.
Of the following which term covers a wide range of government promises of financial benefit to particular persons who meet certain criteria?
entitlements A+
What is the concept of financial spread trading?
Financial spread training is investing on the rise and fall of a particular stock. This allows investors with limited capital to benefit from investment companies they cannot otherwise afford.
Advantages of accounting standard?
Accounting Standards facilitate uniform preparation and repoting of general purpose financial statements published annually for the benefit of shareholders, creditors, employees and the public at large.The standards issued should be consistent with the provisions of law.Thus, they are very useful to the investors and other external groups in assessing the progress and prospects of alternative investments in different companies in different countries.Standards will help public accountant to deal with their clients by providing rules of authority to which the acoountants can appeal, in their task of preparing financial on a true and a fair basis.Accounting standards will rise the standards of audit itself in its task of reporting on the financial statements.
Should quarterly financial statement be audited?
In the US, there is no law requiring that quarterly financial statements be audited.Financial statement audits are extremely expensive and time-consuming, so there should be some compelling reason for a company to have its financial statements audited.For the typical US company, the expense of having its financial statements audited is probably not worth any benefit it might receive as a result of the audit, and for US nonpubliccompanies, audits are not required by law. An outsider such as a bank might want to see audited financial statements from a prospective borrower, but even then, audits are so expensive that this would be relatively rare. The company might need another loan just to pay for the audit!However, publicly owned companies (companies that sell shares of stock to the general public), howver, are required by law to have an annual audit of their financial statements by an independent CPA. This is to help protect the public.However, not even publicly owned companies are required to have their quarterly financial statements audited. Only their annual financial statements must be audited.Although public companies must submit quarterly financial report information to the SEC, the first three quarters' financial statements need only be "reviewed" by an independent CPA. A review involves limited testing procedures that are much less in-depth and time-consuming (and expensive) than audit procedures, and this permits the company to submit its financial information to the SEC on a timely basis. However, the fourth quarter report submitted by a public company must include audited financial statements for the entire year.
How do financial markets benefit society?
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Whether unrecognized tax benefits is a tax portion?
An unrecognized tax benefit is the difference between the tax benefit reflected on the income tax return and the amount of the benefit recorded on the financial statements. Example: taxpayer deducts $100 on its return but believes that a $60 deduction will be the most likely outcome in a negotiated resolution with the IRS on audit. The $40 difference is the unrecognized tax benefit.
What does FBO mean on a financial statement?
For Benefit Of
What does one need to take in school for financial marketing?
In order to earn a degree in financial marketing, one needs to take classes that will benefit him or her after school in the financial marketing field. Classes that will benefit a student in financial marketing are mathematics, business, accounting, and economics.
What industries benefit from financial news online?
There are several industries that benefit from online financial news. Some of these industries include the energy sector (i.e. oil, gas), the financial sector (i.e. banking) and the engineering sector.
