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What is accounting assumption?
accounting assumptions provide a foundation for recording the transactions and preparing the financial statements there from.
What are the limitations of financial management?
Financial Statements Are Derived from Historical Costs. ... Financial Statements Are Not Adjusted for Inflation. ... Financial Statements Do Not Contain Some Intangible Assets. ... Financial Statements Only Cover a Specific Period of Time. ... Financial Statements May Not Be Comparable. ... Financial Statements Could be Wrong Du
Where can I find the dividends per share information on financial statements?
You can find the dividends per share information on financial statements in the section called "Statement of Changes in Equity" or in the notes to the financial statements.
Is an increase in expense recorded as a debit or credit on the financial statements?
An increase in expense is recorded as a debit on the financial statements.
Is an unrealized gain recorded as a debit or credit on financial statements?
An unrealized gain is recorded as a credit on financial statements.
Who is primarily responsible for presenting financial statement information?
Management is initially responsible for preparing financial statements and auditors are responsible for reasonable assurance
A journal is not useful for?
preparing financial statements.
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 does compilation of prospective financial statements by public accountants involve?
the service of preparing the statements in whole or part from information and significant assumptions provided by the responsible party, usually a member of management
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.
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
