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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 is a financial statement?
it is combined statement of parent company and subsidary company
What is the differences between cash flow statements and profit statement?
Profit & Loss Statement: It is the statement which just shows how much profit a company has earn or loss bear in current fiscal year. Cash Flow Statement: It is the statement which shows how much cash has been utilized by organisation for different functions of business and how much cash is available which helps to ensure liquidity to run business. Difference between them is that as mostly accounting systems work on accrual basis so from profit and loss statement we can see how much profit or loss made but it does not show how much cash is available as income or expense is recorded on accrual basis that's why cash flow statement is very important financial statement to check that how much cash is available which information is not available through any other financial statement. For Example: Profit and loss statement shows us that goods sold for $1000 but does not show whether we received those $1000 at the end of fiscal year or not and this information can be attained by cash flow statement.
What is a notice to reader financial statement?
A notice to reader refers to the level of assurance the financial statements have undergone, which is none, thus the report must notify the financial statement users that the financial statements have not been reviewed (higher degree of assurance) or audited (highest degree of assurance).
Why an auditor should not prepare the financial statement and then express an opinion Also the standards to which this relates?
The auditor is the person who assesses whether the financial statement has been prepared accordingly or not. Firstly it is not the role of the auditor to prepare the financial statement as the auditor has to form an independent opinion. Secondly, it would be part of internal control and corporate governance activities for the preparation of the financial statement and the audit to be conducted be two separate parties to eliminate error or fraud.
What is the difference between a proforma cash flow statement and a cash flow statement?
A cash flow statement is a financial statement that shows the changes in a company’s cash position over a given period. A cash flow projection is an analysis of how the company will make money in the future. The difference between these two statements is that the projection includes information about what will happen to a company's cash balance from now until then, whereas the statement only shows how much money has been made or spent during that time period.
How do you use verb form for example the financial statement showed that the computation of the annual revenues had been done properly?
finance
What is a profit and loss approach?
There is no "Profit and loss account". There is a profit and loss statement, the income statement. The income statement is closed out to Retained Earnings (shown on the balance sheet), so I guess you might consider that Profit and Loss account. Retained earnings shows the resulting effect of how the company has done over a period of time. If the retained earnings value is positve, then you've been having more profitable years than loss years. If the retained earnings is negative, then you;ve had more losses that profits.
What is a loan book?
A loan book is a book kept by financial institution that totals the amount of loans that have been given out over a certain period and it shows the details of the borrowers. It is important for calculating the financial networth of the financial institution.
What is cr on a hsbc statement?
"CR" on an HSBC statement typically stands for "credit," indicating that a certain amount has been added to your account as a credit or positive balance. This shows money that has been received or deposited into your account.
Do you list a car that has already been repossessed on your bankruptcy schedule?
Yes. Look under the Statement of Financial Affiars. There is a section for repos/foreclosure/garnishment.
The figure shows the preimage and image of three points that have been rotated around point P, plus the preimage of quadrilateral DEFG. Is this statement true or false D'E'F'G' shows the rotation of quadrilateral DEFG?
true
