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Must audited financial statements be signed by the auditor?
Yes audited financial statements are jointly signed by auditors as well as management of company as an acknowledgment.
What was the achieved aim of the Federal Financial Management Act of 1994?
the Federal Financial Management Act of 1994 extended the scope of the CFO Act by requiring agency-wide financial statements and a consolidated government-wide financial statement
What is the responsibility of independent auditors?
The primary objective of independent auditors are rendering opinion report on the financial statement that is the responsibility of client management. The main reason auditors need to be independent are to provide credentional for the client prepared financial statements. Therefore, the users (Bankers, Investers and third party) of the financial statement can have unbiased information about the client financial Statements.
What is the difference between What is the difference between financial accounting and management accounting?
Financial accounting is used to present the performance and financial statements to third parties while management accounting is used for company's internal working purpose.
Why suppliers need financial statements?
to see if they trust the company
Who are the four non-management user groups those in need of information that is in the financial statements?
good
What are limitations of financial management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
What are the limitations of management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
What need arose along with the separation of management and ownership in corporations?
With a separation of management and ownership in corporations, there also arose a need for an independent party to review the financial statements.
Financial statements are prepared as a management tool and as a legal requirementwhat are some of the financial statements that would be needed for management decision making and which are required by?
As far as management goes, you might need a statement of cash flows, and an assessment of inventories. You might want to also look at the balance sheet
Who are the stakeholders of the financial statements?
Stakeholders of the financial statements are:- Owners:- Shareholders- Management- Suppliers- Customers- Employees- Government- Lenders- Financial institutions (investors)- Society and community
Must audited financial statements be signed by the auditor?
Yes audited financial statements are jointly signed by auditors as well as management of company as an acknowledgment.
What are the limitations of financial management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
If you have no intention of becoming a financial managerwhy do you need to understand financial management?
Answering "If you have no intention of becoming a financial managerwhy do you need to understand financial management?"
Who is best qualified to make an analyses of a businesses financial statements?
A management accountant is a person who has been especially trained to evaluate the overall financial health of a company by examining, among other things, a business's financial statements.
What was the achieved aim of the Federal Financial Management Act of 1994?
the Federal Financial Management Act of 1994 extended the scope of the CFO Act by requiring agency-wide financial statements and a consolidated government-wide financial statement
What is the responsibility of independent auditors?
The primary objective of independent auditors are rendering opinion report on the financial statement that is the responsibility of client management. The main reason auditors need to be independent are to provide credentional for the client prepared financial statements. Therefore, the users (Bankers, Investers and third party) of the financial statement can have unbiased information about the client financial Statements.
