How does the financial statements are the primary means of communicating financial information to external parties?

Q: How does the financial system function?

A: Financial system function  has from starting gathering of funds This funds are used for capital…

Q: What is the purpose of cashflow statement ? What are the activities  that are  affecting the…

A: The cash flow statement is one of the financial statements of the business. It records the cash flow…

Q: What is the Interpreting Debt Disclosures ? How does it relates to the financial accounting and why…

A: Key references: International Accounting Standards Board. (2010). International Financial Reporting…

Q: What are the reasons in support of financial reporting regulation

A: Financial reporting (sometimes known as accounting) is the process of recording and disclosing…

Q: What is financial service corporation?

A: Financial services sector refer to the services provided by the finance market. Their role is mainly…

Q: What is financial intermediation. Provide a detailed example

A: In a financial market, apart from borrowers/ buyers and sellers/ lenders, other participants…

Q: What do pro forma financial statements show?

A: Pro forma financial statements are financial projections that show how a company's financial…

Q: What is meant by "presentation of financial statement information in common-size amounts rather than…

A: A financial statement is an indicator of cash flows in an organization. There are three primary…

Q: What is Financial Industry Regulatory Authority (FINRA)?

A: Answer: FINRA refers to Financial Industry Regulator Authority. It is an independent US securities…

Q: What constitutes over regulation of financial systems?

A: Regulations of financial systems are absolutely necessary and highly important.   Financial…

Q: Discuss the role of GAAP in financial reporting

A: Generally Accepted Accounting Principles (GAAPs) are the accounting procedures or standards that lay…

Q: These refers to Laws and Rules that govern the working of Financial Institutions? Financial Market…

A: Financial institution are very important for any country and for the growth and development of…

Q: What is meant by the statement that the financial statementsarticulate ?

A: The statement “financial statements are articulated" means that measurements in the balance sheet…

Q: Financial reporting information may be described in terms of its qualitative features.

A: This question explains about financial reporting information

Q: Define financial intermediary

A: A financial intermediary is a firm that goes about as an agent in a money related exchange between…

Q: What are financial intermediaries, and what economic functions do theyperform?

A: Financial intermediaries connect the borrowers and lenders in the financial market. The financial…

Q: Explain the qualitative characteristics of financial reporting information.

A: Conceptual Framework: The FASB's Conceptual Framework for Financial Reporting states the objectives…

Q: is XBRL Taxonomy? How do you as a preparer of financial statement use the XBRL Taxonomy in locating…

A: XBRL is a global not-for-profit collaboration that governs an open international standard for…

Q: Who uses the financial reporting model?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: what are the roles of a financial intermediary?

A: Financial intermediaries play a critical role in connecting savers and investors in the financial…

Q: What advantage do you see in compiling financial data into standardized statements like the Income…

A: Standardized statements also acknowledged as financial statements, these statements such as balance…

Q: What is the most fundamental purpose of a financial marketplace?

A: Financial markets are a form of marketplace, as the name implies, that facilitates the sale and…

Q: Explain banks' motivation for engaging in the securitization of balance sheet assets, and analyse…

A: Securitization is a financial process in which banks and other financial institutions pool together…

Q: What's the connection between financial intermediaries and securitization? When securitization moves…

A: This question explains about the connection between financial intermediaries and securitization

Q: Which fundamental characteristic of GAAP requires that all information useful for decision making is…

A: Generally Accepted Accounting Principles: They are commonly known as GAAP. It is a collection of…

Q: Explain an example of objective of financial reporting.

A: Hi since examples cannot be used to explain the objectives of financial reporting. It is assumed…

Q: What are the objectives, principles and assumptions of the Conceptual Framework for Financial…

A: Answer: Concept: Conceptual framework describes the objective and concept for general purpose…

Q: plain why do financial institutions exist? And why at functions do they perform? Give proper…

A: Introduction : Financial institutions refers to the entities that operate in financial market…

Q: Who does the Financial Markets Authority have oversight over

A: Financial Markets Authority- It is a New Zealand government's agency founded in 2011. It is set up…

Q: Who are financial intermediaries?

A: Introduction: Financial intermediaries play an important role in financial markets & offer a…

Q: Discuss the principles of accrual accounting and how they differ from cash accounting. What are the…

A: Accrual accounting is an accounting method that records revenues and expenses when they are earned…

Q: What do you know about the interrelationships between income statements, balance sheets, and cash…

A: This question deals with the interrelationships between income statements, balance sheets, and cash…

Q: Explain the composition and elements of a financial environment and how they interrelate with one…

A: A financial environment consists of banks, insurance companies, stock exchange, pension funds etc.…

Q: What is the revenue recognition principle, and how does it impact financial reporting?

A: The need for the revenue recognition principle arises because it ensures that revenue is recognized…

Q: What are pro forma financial statements based on?

A: Pro forma financial statements are financial projections that show how a company's financial…