0
What is the financial statement that reports accounting data at a specific date?
Wiki User
∙ 11y ago
balance sheet
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Which financial statement that reports accounting data at a specific date is the?
Balance Sheet
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.
What are the principal accounting reports involved in financial reporting process?
Balance sheet Income statement Statement of changes in equity Statement of cash flows Notes to the financial statements
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 are the 3 main financial reports in accounting?
These three reports are the balance sheet, the statement of profit and loss, and the statement of cash flows.These three major financial statements let you know what's really going on for every aspect of your company.Venu
Why is accounting important in business?
Accounting is important because it records the day to day financial activities of a business. It is basis for all financial statement and earnings reports of a company. Most companies today follow Generally Accepted Accounting Principles (GAAP).
What are the different accounting reports?
-statement of financial position, -statement of profit and loss and other comprehensive income, statement of cash flows, -statement of change in equity, -Notes to the account
What is the difference between IPSAS format and other formats of presentation of financial reports?
The IPSAS formats are the required schedules under the International Public Sector Accounting Standards. These include: Statement of Financial Position Statement of Financial Performance Cash Flow Statement Statement of Changes in Equity
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 distinguishing features of managerial accounting?
How would you describe the difference between financial and managerial accounting? First, the primary users of reports in financial accounting is external users: stockholders, creditors, and regulators. The primary users of managerial accounting is internal users: officers and managers. Second, the types and frequency of reports for financial accounting uses financial statements and they are quarterly and annually. Managerial accounting uses internal reports and as frequently as needed. Third, the purpose of reports for financial accounting is general-purpose and managerial accounting is special-purpose for specific decisions. Fourth, content of reports for financial accounting is limited to double-entry accounting and cost data, highly aggregated (condensed), pertains to business as a whole, and generally accepted accounting principles. Managerial accounting is extended beyond double-entry accounting to any relevant data, very detailed, pertains to subunits of the business, and standard is relevance to decisions. Last, financial accounting verification process is audit by CPA and managerial accounting verification process is no independent audits.
Who reviews reports for SEC compliance?
Financial Accounting
What are financial reports that summarize the financial condition and operations of a business?
Financial statements are financial reports which summarize the financial condition and operations of a business. Included in a financial statement are a balance sheet, income statement, and also a cash flow statement.
