2. The main Purpose of Financial Accounting is? To Provide financial information to shareholders To maintain balance sheet To minimize taxes. To keep track of liabilities.
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2. The main Purpose of Financial Accounting is?
- To Provide financial information to shareholders
- To maintain balance sheet
- To minimize taxes.
- To keep track of liabilities.
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- In general, how does the income statement help satisfy the objectives of financial reporting?Describe the reasons why financial accounting is useful?What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What qualities make Accounting information useful? What are the most important assumptions in Accounting? What is the Financial Reporting model in the Conceptual Framework? What are the components of an Accounting System? What is the Accounting Cycle? How do we record, post and prepare Financial Statements? What is Cash Basis Accounting?
- Discuss the revenue recognition principle and its significance in financial accounting. What factors must be considered when determining when and how much revenue to recognize?What is the objective of financial reporting? How do general-purpose financial statements help meet this objective? Can I get examples to please to help me keep things straight...Which of the following would be part of a financial manager's investment decision? *a. Collecting receivables from customersb. Paying loansc. Allocating funds for permanent current assetsd. Paying dividends to shareholders
- What is a primary objective of financial reporting? A. To provide useful information to investors, creditors, and financial statement users. B. All of these answers. C. To provide cash flow information (amounts, timing, and uncertainty). D. To provide information about resources and claims to resources.How does the financial statements are the primary means of communicating financial information to external parties?1. the essential characteristic of accounting is a. Communication of economic information to external parties B. Identification, measurements, and Communication of financial information C. Identification and measurement of financial information only D. Communication of financial information to interested internal parties only.
- Which of the following is not a main activity of accounting? Question 1 options: Gathering financial information Reporting financial information Summarizing financial information Preparing financial records Providing bank loans to financial institutions.Which statement below best describes the objectives of financial accounting? A. Provide information that helps predict cash flows. B. Provide information about the economic resources, claims to resources and changes in resources and claims. C. Provide information that is useful in making decisions. D. All of the other answers are objectives of financial accounting.