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What else can I help you with?
A journal is not useful for?
preparing financial statements.
Can we prepare financial statements using cost accounting?
Cost accounting primarily focuses on capturing and analyzing cost data to aid in internal decision-making, rather than preparing financial statements. However, the information derived from cost accounting can inform financial statements by providing insights into costs and profitability. While cost accounting is essential for managerial purposes, financial statements are typically prepared using financial accounting principles, adhering to standardized guidelines like GAAP or IFRS. Thus, while they can complement each other, cost accounting alone does not suffice for preparing formal financial statements.
Distinguish between cost accounting and financial accounting?
Financial accounting is the process of preparing financial statements using data and figures. Cost accounting is similar but you look for alternative ways to figure these figures and data.
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?
Duties and responsibilities of senior accountant?
Senior accountants have a number of duties and responsibilities. The are responsible for preparing financial statements, analyzing financial information, and supporting the closing process at the end of every month.
A journal is not useful for?
preparing financial statements.
Who is responsible for preparing financial statements?
Director's
The cost principle is the basis for preparing financial statements because it is?
The cost principles is the basis for preparing financial statements because it is? B. Relevant and objectively measured, and verified.
There is really no benefit in preparing financial statements in any particular order?
false
Preparing personal financial statements is part of which of the five steps of the financial planning process?
B. Analyse your current financial position
Explain how fundamental accounting concepts are used in preparing financial statements?
explain using various example, how the major accounting concepts are used in preparing financial statement??
Would it be advisable to allow businesses some flexibility or creativity in preparing financial statements?
no
What is accounting assumption?
accounting assumptions provide a foundation for recording the transactions and preparing the financial statements there from.
Updating accrual accounting records prior to preparing financial statements is called?
closing process
Why is time period assumption important in preparing financial statements?
So that comparability between periods is preserved.
Who is primarily responsible for presenting financial statement information?
Management is initially responsible for preparing financial statements and auditors are responsible for reasonable assurance
Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trail balance?
Yes! The adjusted trial balance is the first step in preparing the financial statements. As that is done, completing the financial statements are relatively easy. The trial on it's own is difficult for people to understand.
