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Why auditor's reports are important to users of financial statement?
to control the finance activitiies
Are the basic four financial statements adequate for users of a firms financial data?
1. Balance Sheet 2. Income Statement 3. Cash Flow Statement 4. Statement of changes in equity
Why are the financial statement users interested in the statement of cash flows?
it enable both internal and external to know that the company worth, the company is heading for losses.
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).
Who is not an internal user of financial statement?
External users of financial statements include investors, creditors, regulators, and analysts. Unlike internal users such as management and employees, external users rely on financial statements to assess an organization's performance and financial health from an outside perspective. They utilize this information for decision-making regarding investments, lending, and compliance with regulations.
Can you consider notes to financial statement to be a financial statement?
Notes to financial statement can be considered to be a financial statement since they report the details and additional information that are left out.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
What is the responsibility of independent auditors?
The primary objective of independent auditors are rendering opinion report on the financial statement that is the responsibility of client management. The main reason auditors need to be independent are to provide credentional for the client prepared financial statements. Therefore, the users (Bankers, Investers and third party) of the financial statement can have unbiased information about the client financial Statements.
What should a businesses financial statement contain?
it should contain statement of comprehesive statement, statement of financial position and statement of cashflows
Where can one find financial statement software?
CNet is a resource for a variety of downloads, including financial statement software downloads. This software can also be found at Financial Statement Pro and My Financial Statement.
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.
