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Can financial statements be prepared directly from the adjusted trial balance?
Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.
Prepare financial statements directly from an adjusted trial balance?
Yes
Why is accounting standards important for financial statements?
Accounting standards ensures that financial statements are prepared whereever in the world is same and information provided on it is comaprable and readable for all kind of users.
What is consolidating financial statements?
hen a large company acquire one or more small companies then acquiring company is called the parent company and acquired companies are called subsidiary companies so when the financial statements of parent company and subsidiary companies are prepared in one financial statement altogether those financial statements are called consolidated financial statements.
What types of accounting reports are prepared in conformity with generally accepted accounting principles?
Financial Statements
Who are financial statements prepares for?
financial statements are prepared by accountants to submit to the government for taxation purposes.
Can financial statements be prepared directly from the adjusted trial balance?
Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.
Two financial statements are prepared from the information on the work sheet?
yes
Adjustments would be not necessary if financial statements were prepared to reflect income from?
Lifetime operations.
Prepare financial statements directly from an adjusted trial balance?
Yes
Why is accounting standards important for financial statements?
Accounting standards ensures that financial statements are prepared whereever in the world is same and information provided on it is comaprable and readable for all kind of users.
What is consolidating financial statements?
hen a large company acquire one or more small companies then acquiring company is called the parent company and acquired companies are called subsidiary companies so when the financial statements of parent company and subsidiary companies are prepared in one financial statement altogether those financial statements are called consolidated financial statements.
What types of accounting reports are prepared in conformity with generally accepted accounting principles?
Financial Statements
Why companies consolidate their subsidiaries for financial reporting purposes?
Subsidiary companies are also part of group of companies so parent company is required to show the financial statements of group as a whole so that's why consolidated financial statements are prepared
What are the main types of financial statements that is to be prepared by an entity?
The financial statements vary according to the type and scale of entity, however following statements can be found in any entity:Statement of Financial Position - Balance SheetStatement of Financial Performance - Profit & Loss - Income StatementDepreciation ScheduleStatement of Changes to EquityCash Flow StatementNotes to the Financial StatementDirectors ReportDirectors DeclarationHope this helps!
What are the four financial statements explain their basic content and why it is important that the statements are prepared?
balance sheet,income statement,cash flow statement,retained earnings
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.
