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Who regulates financial consulting services?
Financial consulting services are regulated by the United States government and the Internal Revenue Service (IRS). They are required to notify the government of deposits, losses and gains with year end reports for tax purposes.
Who are financial statements prepares for?
financial statements are prepared by accountants to submit to the government for taxation purposes.
What purpose does government financial reporting serve?
These reports are the standard that citizens, oversight bodies, and other stakeholders use to judge their government's efficiency, effectiveness, and overall financial condition
What is the fifth method the GASB uses to establish standards?
Improve the common understanding of the nature and purposes of information contained in financial reports.
Why does a business need to be consistent in the fiscal period it uses for its financial reports?
A business needs to be consistent in the fiscal period it uses for financial reports for purposes of comparison and accuracy. If the fiscal period changes, then it is difficult to compare the business's performance across different periods.
What is accounting's purpose of the statement of government net assets?
The statement of net assets displays information about the government as a whole, reports all financial and capital resources, and assists the financial statement user
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?
Is a fiscal year is the twelve month period used by the government for financial management purposes?
True(Kaylop)
Is a fiscal year the twelve month period used by the government for financial management purposes?
True(Kaylop)
What is the 12-month period used by the Federal Government for financial management purposes?
True(Kaylop)
Which best describes the 12-month period used by a government or business for purposes of financial management?
Fiscal year
