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What are the differences between internal financial statement and published financial statement?
Internal financial statements and pbulished financial statements of a company are different in the following ways: 1. Terminologies - For example, for internal accounts, we use sales, but for publised accounts, we use turnover. 2. Details - In internal income statements, we list down all the expenses, but under published income statements, expenses are grouped tinto administration and distribution. 3. Format - Publised financial statement must follow a straight format according to FRS 101 and Bursa Malaysia Listing Requirements. 4. Disclosure - Need to disclose the following under published accounts, (1) significant accounting policies (2) financial cost (3) earning per share (4) related party transaction (5) income tax expenses, etc The above disclosures are not required under internal financial statements.
When Under GA AP the accrual system of accounting is used by investors and banks for financial statements?
Under Generally Accepted Accounting Principles (GAAP), the accrual basis of accounting requires that revenues and expenses be recognized when they are earned or incurred, regardless of when cash is actually received or paid. This method provides a more accurate picture of a company's financial position and performance, as it aligns income and expenses with the period in which they occur. Investors and banks rely on these financial statements to assess the company's profitability, financial health, and overall performance. Consequently, accrual accounting enhances transparency and comparability in financial reporting.
How can one find current liabilities in a company's financial statements?
To find current liabilities in a company's financial statements, look for items such as accounts payable, short-term loans, accrued expenses, and other obligations that are due within one year. These can typically be found on the balance sheet under the liabilities section.
Is it true or false Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
What is a unconsolidated balance sheet?
When there is parent subsidiary relationship exists and in that case if separate financial statements are prepared by both parent and subsidiary company those statements are called unconsolidated statements.
Where is i reported in the financial statements?
Need more clarification: i = interest? (if expense: shown in income statement, under expenses. if revenue: shown in income statement, under revenues) i = investment? (is an asset, showin in the asset section of the balance sheet) i = income? ( shown in the income statement)
Why is is difficult to get KFC financial report or financial statements?
Because they are owned by Yum! Brands, and so the financial statements will usually be under that company as a whole. It is hard to find the individual reports from brands that are owned by bigger companies.
Is it true or false tht Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Which problem under the articles of confederation was most completely solved under the administration of George Washington?
financial chaos
What problem under the Articles of Confederation was most completely solved under the administration of George Washington?
Financial chaos
Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
yes
Where is the amount of merchandise inventory disclosed in the financial statements?
Amount of merchandise inventory is disclosed at the bottom of the financial statement under balance sheet.
