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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 accounting requirements of not-for-profit organizations?
Three financial statements are required to be issued: a statement of financial position (balance sheet), a statement of activities (income statement), and a statement of cash flows
The basic objective of financial accounting is?
The basic objective of financial accounting is the formulation of financial statements including the balance sheet, income statement and cash flow statement. Income statements show the company's operating performance quarterly or annually.
Which accounting principle requires that transaction should be recorded in the period they occurred?
There is no one accounting principle that requires that a transaction be recorded in the period it occurs (commonly referred to as accrual basis accounting). There is a conceptual statement that the Financial Accounting Standard Board has issued with regard to the use of accrual accounting. The Financial Accounting Standards Board has issued STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO. 6: ELEMENTS OF FINANCIAL STATEMENTS which states in paragraph 134: Items that qualify under the definitions of elements of financial statements and that meet criteria for recognition and measurement are accounted for and included in financial statements by the use of accrual accounting procedures. The basis of accounting, whether cash basis or accrual, should be disclosed in the notes to the financial statements so that the financial statement reader is aware which method of accounting is in use. Generally accepted accounting principles (GAAP) does require the accrual basis of accounting; nevertheless, businesses can present their financial statements on a cash basis as long as proper disclosures are made. The financial statement opinion rendered by the external audit firm would also disclose that the cash basis of accounting is being used.
Does The cash basis of accounting commonly results in financial statements that are not comparable from period to period?
Cash is the main transaction in an accounting , it will affect from period to period in financial statement
What are importance of footnotes?
The footnotes to the financial statements should describe the earnings impact of any changes in accounting policy, or changes in estimates (Financial Accounting Standards Board Statement No. 154)
What is a Statutory financial statement?
A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.
What is financial statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
When does an accounting prepare the financial statement?
monthly
What is Financial comparative statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
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 financial statement is directly based on the accounting equation?
Balance sheet
What financial statement element is closed at the end of an accounting cycle?
revenues
What are the accounting requirements of not-for-profit organizations?
Three financial statements are required to be issued: a statement of financial position (balance sheet), a statement of activities (income statement), and a statement of cash flows
The basic objective of financial accounting is?
The basic objective of financial accounting is the formulation of financial statements including the balance sheet, income statement and cash flow statement. Income statements show the company's operating performance quarterly or annually.
What are 3 financial statement in accounting?
1 - Income Statement 2 - balance sheet 3 - Cash Flow Statement
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
