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What are principle accounting reports involved in financial reporting in general terms what is the purpose of these reports?
The results of the accounting process are the 5 core financial sections: Balance sheet Income statement Statement of changes in equity Statement of cash flows Notes to the financial statements.
What is pnl?
Profit and Loss statement, if you were referring to financial terms
In broad terms what is a financial statements?
financial statement is simply a declaration of what is believed to be true about an enterprise, communicated in terms of a monetary unit, such as the dollar.
Explain the difference between an expression and an equation?
An expression is a statement of terms and has no equal sign. An equation is a statement of two terms that equal each other.
What is the role of an auditor in terms of the financial statement?
External Auditor has the role to materially evaluate the financial statements and provide his opinion that 'Does financial statements reflects true and fair activities of business' or not.
What does money measurement mean in accounting terms?
Money is used as the basic measuring unit for financial reporting -A resource will only be regarded as an asset and included in the balance sheet if it can be measured in monetary terms.
Can you explain what does "in credit" mean in financial terms?
"In credit" in financial terms means that a person or entity has a positive balance in their account or has money owed to them. It indicates that they have funds available to use or that they are owed money by someone else.
What items appears on both the income statement and statement of owner equity?
The net income appears on both the income statement and the statement of owner's equity. This is an important operating datum in financial terms.
What is provided by GE financial services?
GE financial services provide finance for people wishing to buy electrical goods. They will explain the terms and conditions of the loan and then lend the money to customers.
What does triple bottom line reporting consist of?
TBL reporting is a perspective that identifies business performance as affecting three systems that are critical to long-term human survival: economic/financial, social/ethical, and environmental.
Importance of accounting standards?
Financial statements are prepared to summarize all business activities by an enterprise during an accounting period in monetary terms & report financial outcomes in terms of performance, status of assets, liabilities & flow of cash. These business activities vary from one enterprise to other on one hand and size & volume of business on the other hand. To compare the financial statements of various reporting enterprises poses some difficulties because of the divergence in the methods and principles adopted by these enterprises in preparing their financial statements. In order to make these methods and principles uniform, comparable, transparent, establish accountability and bring true & fair view of Financial Statement - Accounting Standards are evolved.
What is transparent financial reporting?
Transparent financial reporting is the practice of openly and accurately disclosing an organization's financial information to all stakeholders, including shareholders, investors, and the public. It involves providing a comprehensive overview of the company's financial performance, including revenues, expenses, assets, liabilities, and cash flow. One of the key aspects of transparent financial reporting is ensuring that the information is presented in a clear and understandable manner. This involves using standard accounting principles and providing detailed explanations of financial terms and figures. The aim is to enable stakeholders to make informed decisions and assess the company's financial health. Transparent financial reporting also includes the disclosure of any potential risks or uncertainties that could impact the organization's financial position. This helps stakeholders to understand the potential challenges that the company may face and make appropriate investment decisions. By practicing transparent financial reporting, companies can build trust and credibility among their stakeholders. Investors and shareholders are more likely to invest in an organization that provides transparent financial information, as it demonstrates accountability and a commitment to good governance. Transparent financial reporting is about being open, honest, and accountable in disclosing an organization's financial information. It promotes trust, enables informed decision-making, and helps build long-term relationships with stakeholders.
