0
A financial statement includes the following:
Current Assets
Non-Current Assets
(add those together) Total Assets
Current Liabilities
Non-Current Liabilities
(add those together) Total Liabilities
(Total assets less total liabilities) Net Assets
Equity is calculated below and the total of equity needs to balance with the net assets figure.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agoGeneral Purpose Financial Statements are those which includes
(a)profit and loss account-which helps in indicating profit or loss incurred during financial year
(b)cash/fund flow-helps in knowing the transfer of funds and cash in an accounting year however these are not prepared by all entities
(c)balance sheet-helps in knowing the position of assets and liabilities
(d)notes to accounts-helps in disclosures of accounting policies
Add your answer:
Earn +20 pts
Disadvantages of general purpose financial statements?
i dont know the answer
The purpose of Statements of Financial Accounting Concepts is to?
The purpose of Statements of Financial Accounting Concepts is to : A establish GAAP.
What are projected financial statements?
Projected financial statements are estimated financial statements before starting of any operating activity for planning purpose.
What is the fourth principle of the GASB?
To consider the applicability of its standards to the separately issued general-purpose financial statements of governmentally owned special entities.
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
What four general-purpose Financial Statements do business enterprises use?
If I remember this correctly these are Statement of Cash Flows Income Statement Statement of Retained Earnings Balance Sheet
What are general-purpose financial statements?
General Purpose Financial Statements are those which includes (a)profit and loss account-which helps in indicating profit or loss incurred during financial year (b)cash/fund flow-helps in knowing the transfer of funds and cash in an accounting year however these are not prepared by all entities (c)balance sheet-helps in knowing the position of assets and liabilities (d)notes to accounts-helps in disclosures of accounting policies
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.
Why there is implementation and adoption of IFRS and IAS in the Philippines?
IFRS and IAS in the Philippines are implemented and adopted in order to prepare the general purpose financial statements. To comply with every IFRS, it grants limited exemptions from the general requirement.
What is the role of accounting concepts in preparation of financial statements?
Financial accountants produce financial statements based on generally accepted accounting principles of a respective country. In particular cases financial statements must be prepared according to the International Financial Reporting Standards.Financial accounting serves the following purposes:producing general purpose financial statementsproducing information used by the management of a business entity for decision making, planning and performance evaluationProducing financial statements for meeting regulatory requirements.
Define the purpose of accounting and identify the four basic financial statements?
The purpose of accounting is provide information to the users like investors ,financial institutions and to other clients. The four basic financial statements are balance sheet,income statement,cash flow,statement of retained earning.
What are principle accounting reports involved in financial reporting in general terms what is the purpose of these reports?
The results of the accounting process are the 5 core financial sections: Balance sheet Income statement Statement of changes in equity Statement of cash flows Notes to the financial statements.
