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A change in inventory reporting from lifo to fifo is?
Allowed if it improves the usefulness of information in the financial statements
How often do publicly traded corporations typically prepare financial statements for external reporting purposes?
quartwly
What are the criteria for general acceptance of accounting principles?
Some GAAP principles are meant to improve or standardize recording and reporting of financial statements. Companies are expected to follow the GAAP principles when presenting 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 is difference between audited and unaudited balance sheet?
i was looking for the same answer.... so9 here it goes..A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of an entity. The opinion is intended to provide reasonable assurance that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework (the GAAS requirements)ANDAn unaudited financial statement is that which an auditor has prepared, but not according to the Generally Accepted Auditing Standards (GAAS). Auditors preparing unaudited statements are required to issue a disclaimer stating that they are not rendering opinions and that the statement does not abide by the GAAS.hope it helped clear the difference!!:)
What has the author James W Deitrick written?
James W. Deitrick has written: 'Interim financial reporting' -- subject(s): Interim Financial statements 'Interim reporting developments' -- subject(s): Auditing, Interim Financial statements
The currency in which a company presents its financial statements is known as the?
Reporting Currency
What represents a form of communication through financial reporting but not through financial statements?
I think balance sheet
What has the author L Todd Johnson written?
L. Todd Johnson has written: 'Recognition in Financial Statements' -- subject(s): Financial statements, Realization (Accounting) 'Reporting financial performance' -- subject(s): Financial statements, Accounting, Standards
What is fraudulent financial reporting?
Confidence in the operation of capital markets is compromised when the system of public disclosure is eroded by reported instances of fraudulent reporting.
A change in inventory reporting from lifo to fifo is?
Allowed if it improves the usefulness of information in the financial statements
Can you write a sentence using the word consolidated?
Consolidated Financial Statements are mandatory for tax reporting.
How often do publicly traded corporations typically prepare financial statements for external reporting purposes?
quartwly
What are the criteria for general acceptance of accounting principles?
Some GAAP principles are meant to improve or standardize recording and reporting of financial statements. Companies are expected to follow the GAAP principles when presenting 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 is the impact of cash debit from unsettled activity on financial statements?
Cash debit from unsettled activity can impact financial statements by temporarily inflating the cash balance until the activity is settled. This can distort the true financial position of a company, leading to inaccurate financial reporting.
What is the significance of the "yr" abbreviation in the context of financial reporting standards?
The "yr" abbreviation in financial reporting standards stands for "year." It is significant because it indicates the time period for which financial information is being reported, helping users of financial statements understand the timeframe of the data presented.
