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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.
What is Financial comparative statement?
financial comparison statement is a statement showing the trend in which financial figures are changing between two accounting period.
Differentiate between an unqualified and a qualified audit report?
Type your answer here... An audit report is said to be unqualified,when it is a clean report. Thus the auditor after examination of the organisation its record and financial statement comes to a conclsion that the financial statement reflects the true financial position of the business thats the financial statement have been prepard in accordance with the acceptable accounting principles. Qualified audit report on the other hand is a negative report which shows that the financial statement have not be prepare in accordance with acceptable accounting principles and the opinion of true and fare is not certain.
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
How does cost accounting connect with financial accounting and management accounting?
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
Differentiate the Financial Accounting from Cost Accounting and Management Accounting?
to know the financial position(i.e. profit or loss) and cost accounting to know the cost price of product of business and management accounting is to take the decision based on financial and cost accounting to prepare bugdget, analysis etc
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 financial statement is directly based on the accounting equation?
Balance sheet
What financial statement element is closed at the end of an accounting cycle?
revenues
What are the accounting requirements of not-for-profit organizations?
Three financial statements are required to be issued: a statement of financial position (balance sheet), a statement of activities (income statement), and a statement of cash flows
The basic objective of financial accounting is?
The basic objective of financial accounting is the formulation of financial statements including the balance sheet, income statement and cash flow statement. Income statements show the company's operating performance quarterly or annually.
