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WHAT IS THE PRIMARY FINANCIAL STATEMENT WITH WHICH WE COMMUNICATE FINANCIAL ACCOUNTING INFORMATION?
The primary financial statement used to communicate financial accounting information is the income statement, also known as the profit and loss statement. It provides a summary of a company's revenues, expenses, and profits or losses over a specific period, allowing stakeholders to assess the organization's financial performance. Other key financial statements include the balance sheet and cash flow statement, but the income statement is central to evaluating operational success.
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Definition of ethics of accounting information?
Ethics of accounting information is providing accounting information to make good economic decisions in the financial statement of the organization.
How does accounting information help an organization?
It assist the organisation to mak decision on their financial statement.
What is accounting's purpose of the statement of government net assets?
The statement of net assets displays information about the government as a whole, reports all financial and capital resources, and assists the financial statement user
What is the main objective of Accounting Standards?
A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an...
What is a disclosure note in accounting?
Disclosures notes are part of accounting financial statements as in disclosure notes important information related to amounts or information in financial statement is provided to further clarify any information previously given or any other related information.
What is a Statutory financial statement?
A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.
What is financial statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
Define the purpose of accounting and identify the four basic financial statements?
The purpose of accounting is provide information to the users like investors ,financial institutions and to other clients. The four basic financial statements are balance sheet,income statement,cash flow,statement of retained earning.
When does an accounting prepare the financial statement?
monthly
What is Financial comparative statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
What is refers to accounting information developed for the use of exterenal agencies?
Accounting information developed for the use of external agencies is referred to as "financial reporting." This type of reporting provides stakeholders, such as investors, creditors, and regulatory bodies, with relevant financial data to assess the company's performance and financial position. It typically includes financial statements like the balance sheet, income statement, and cash flow statement, which are prepared in accordance with established accounting standards.
Where can someone find information on SFAS 157?
The SFAS 157 is the Statement of Financial Accounting Standards 157, which was issued in 2006 by the Financial Accounting Standards Board (FASB). Wikipedia has a lengthy in depth article on the subject.
