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What are the titles and functions of the 4 financial statements usually included in an audit financial report?
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Who prepares financial statements?
Accountants, usually
What information is not usually included in a position statement?
Position statements usually don't include predictions for the future
Why is is difficult to get KFC financial report or financial statements?
Because they are owned by Yum! Brands, and so the financial statements will usually be under that company as a whole. It is hard to find the individual reports from brands that are owned by bigger companies.
When reported in financial statements a lifo allowance account usually?
Indicates the effect on income if LIFO were not used.
When is the income statement prepare?
Usually at the end of the financial period. It depends on the regulations of the country as well. In Singapore, companies are required to submit financial statements quarterly.
What is auditioning?
auditing is the examination of financial statements by an independent certified public accountant as to the fairness with which the financial statements are prepared.
What is the difference between group financial statements and company financial statements?
group is multiple you see. EDIT: Often an organisation will release both a group statement and a company statement. Group refers to the company in question and all its subsidiary holdings. This is because users of financial statements might want to know how the companies "core" operations are going as opposed to looking at the group statement which could have profits boosted by a different operation etc. Edit2: There is only a difference between the two statements for firms that hold shares in subsidiaries. A subsidiary is a company that the parent company has control over, usually (but not necessarily) when the parents holds more than 50% of the shares. In the company statements a financial interest in a subsidiary is shown as a line item ('subsidiaries') on the balance sheet. Depending on the valuation method used, dividends received or a profit share can be included in the income statement. (depending whether the cost method or equity method is used) In the group financial statement (also called consolidated financial statement) the item subsidiaries is no longer included. Instead, the underlying assets and liabilities of the subsidiaries are shown. Similarly for the income statement, the subsidiaries expenses and revenues are included. The group statements are usually informative, while the company statements provide little information. For example, the balance sheet of a listed company which is a holding company will have subsidiaries as its main asset (hence a single item as its assets). The consolidated balance sheet will show the actual assets (PPE, inventories, cash, etc) of the various subsidiaries. (Same principle for income statement).
What does compilation of prospective financial statements by public accountants involve?
the service of preparing the statements in whole or part from information and significant assumptions provided by the responsible party, usually a member of management
Which of the statements are true about limited data sets?
There were no statements included. Asking multiple choice test questions usually doesn't work so well.
What is the purpose of financial accounting?
The purpose of financial accounting is to provide financial statements and financial reports to individuals who require them. This includes preparing a balance sheet, income statement, cash flow and notes. People that use this information usually have an interest in the company due to investment or ownership.
What are the functions of an accounting department?
They maintain the general ledger which is all the financial transactions of the business. They usually are responsible for paying bills and collecting cash from customers. They also prepare the company's financial statements. Depending on how complex the organization is, they may have a number of other responsibilities like handling taxes, but those are the standard, basic ones. It's a very important (even if not exciting) function for a business.
What financial statement changes on a daily basis?
none, a company cannot afford to make financial statements on a daily basis. Usually companies keep track of daily "changes" via a general ledger. When the company needs to create financial statements they post and close the general ledger temporary accounts and make trial balances, adjusted trial balances, closed trial balances and finally the financial statements such as Income statement, balance sheet, Statement of retained earnings, and finally a cash flow statement.
