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What else can I help you with?
A journal is not useful for?
preparing financial statements.
What is the sequence for preparing financial statements?
1st: Income statement 2nd:Owner's equity statement 3rd:Balance sheet 4th:Statement of cash flows
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.
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.
Duties of financial accountant?
Financial accountants are responsible for preparing monthly, quarterly, and yearly statements based on the company data. They also prepare company budgets and are aware of any tax filing requirements.
A journal is not useful for?
preparing financial statements.
Who is responsible for preparing financial statements?
Director's
Why is time period assumption important in preparing financial statements?
So that comparability between periods is preserved.
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.
What are the interrelationships that are important to understand when preparing financial statements?
The net income from the income statement is used in the retained earnings statement.
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
Who is primarily responsible for presenting financial statement information?
Management is initially responsible for preparing financial statements and auditors are responsible for reasonable assurance
