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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.
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.
Who is responsible for preparing financial statements?
Director's
A journal is not useful for?
preparing financial statements.
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
Why is it important to prepare the financial statements prior to the closing activities?
It'd be far better to end-up with the current transactions and the related financial details while starting over the new one. And with that, the financial statements would do so the needed in order the tax returns, payroll information, etc is vivid for the business to submit whenever required. This would be the reason for preparing the statements.
