0
Add your answer:
Earn +20 pts
What are the elements of financial statements?
Five elements of financial statements are as follows:AssetsLiabilitiesEquityIncomeExpense
Why is it necessary to develop a definitional framework for the basic elements of accounting?
. According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of sophistication that the Board assumes about the users of financial statements
A journal is not useful for?
preparing financial statements.
Financial statements and consolidated financial statements?
Consolidated financial statements are financial statements that present the assets, liabilities, equity, income, expenses and cash flows of a parent and its subsidiaries as those of a single economic entity. visit page: cndhearingsolution .co.nz/ear-suction
What are the Purpose and objectives in financial statement?
The main objective of financial statements is to provide relevant and reliable information about the financial performance and position of an entity to a wide range of users to assist them in forming their economic decisions. For example, investors require financial statements to judge the profitability of their investments. Lenders require them to assess the credit worthiness of potential clients. Management requires financial statements to manage the affairs of the company in the interest of shareholders. Government may require financial statements to assess the accuracy of tax returns.
What are the elements of financial statements?
Five elements of financial statements are as follows:AssetsLiabilitiesEquityIncomeExpense
What is the Measurement of the Elements of Financial Statements?
The elements of financial statements are measured in dollar amounts.
Where does depreciation belong in the elements of financial statements?
expenses
Where does inventory belong in the elements of financial statements?
Assets
What part of the elements of financial statements does paid in capital belong to?
assets
What part of the elements of financial statements does retained earnings belong to?
equity
What part of the elements of financial statements does loss on sale of equipment belong to?
equity
What part of the elements of financial statements does additional paid-in capital belong to?
equity
Preparing personal financial statements is part of which of the five steps of the financial planning process?
B. Analyse your current financial position
How might changing one of the financial statements affect the other financial statements?
How might changing one of the financial statements affect the other financial statements?
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 is purpose of standards?
A standardized accounting system has predictable elements and structure. A standard system produces financial statements that make it easy (at least possible) to compare results for businesses within the same industry. And, since the structural elements are the same across the board, once you understand the financial elements of the system, it is possible to understand any financial statements for any industry.
