Why would a client ask an accountant to report on a financial statement element?

Q: A summary of the company’s significant accounting policies is a required disclosure. Why is this…

A: Disclosure of accounting policies: Disclosure of accounting policies means disclosing the accounting…

Q: How does the time period assumption affect an accountant's analysis of business transactions ?

A: Time period assumption state that business organizations are required to prepare and present their…

Q: What are some of the internal controls that an accountant should put into place to determine if…

A: Accounts payable controls are designed to help mitigate loss risk in the accounts payable function.…

Q: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: What is the rationale behind the Financial Accounting Standards Board's classification of accounting…

A: Introduction

Q: Evaluate the attributes of full disclosure in financial reporting, including the accounting…

A: FULL DISCLOSURE PRINCIPLE -  The full disclosure principle states that the information which is…

Q: Describe the role of auditor in accounting.

A: 1. An auditor's responsibility is to give a true and fair view of the financial statements which…

Q: What is the general purpose of financial disclosures of financial statements?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What is the purpose of Financial Reporting Releases and Staff Accounting Bulletins?

A:

Q: How does information from the balance sheet help users of the financial statements?

A: The balance sheet provides an overview of assets, liabilities, and stockholders' equity as a…

Q: In your opinion, what is the most important statement in the financial statements that a financial…

A: Financial statements: These are the financial reports prepared by an organization for a financial…

Q: What is the most important knowledge you were able to generate from taking Financial Accounting and…

A: Answer: Financial accounting and reporting is the area which deals on recording of transactions as…

Q: How can the tools in assessing accounting quality assist financial analyst

A: The value of financial accounting is primarily defined only by its quality. The core premise of…

Q: task of financial accounting

A: Financial accounting is recording day to day business transactions to get a clear picture of…

Q: Why is a knowledge of accounting terms and concepts use-ful to persons other than professional…

A:

Q: What is the difference between financial statements and financial reporting?

A: Financial statements and financial reporting are both belongs to the financial accounting but…

Q: Write a study about the Accounting Cycle of Reporting Financial Results

A: Accounting Cycle is the Process of recording the transaction and their processing in the Financial…

Q: Financial accounting information?

A: Introduction: Accounting: The process in which the financial transactions of the business entity are…

Q: Why is it important to know the background in accounting research?

A: Accounting is the procedure followed by businesses to record their financial information…

Q: What is a responsible party? Why is it necessary for the accountant to identify one?

A:

Q: Will you hire an accountant to prepare financial state-ments for your firm?

A: The financial statements of a firm are prepared to calculate the financial position f the firm at…

Q: Discuss the importance of accounting standards for the purpose of preparing financial reports.

A: Accounting Standard Accounting Theory

Q: What is a mathematical equation in accounting? Which financial statement contains information on the…

A: This question tells about mathematical equation in accounting and  financial statement contains…

Q: What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: t

A: Definition of an Accountant An accountant is an expert who is liable for keeping and deciphering…

Q: Why is having knowledge of accounting terms useful to persons other than in an accounting…

A: Accounting terminology refers to complete description of associated terms that are used and for the…

Q: What is accounting? What type of information is provided by the accountants? How does an…

A: Meaning of Accounting: Accounting is the process of recording financial transactions pertaining to…

Q: what are the difficulties may users of financial statements face it in using financial or accounting…

A: Accounting disclosure information: It is information that shows expenses and revenues of the…

Q: What is the role of the auditor in the financial reporting process?

A:

Q: How reported accounting numbers can affect an individual's perceptions and actions.

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: device used by an accountant for his convenience to facilitate the preparation of financial…

A: Financial statement represents the financial health of the company that includes the income…

Q: The financial statements are based on the most basic tool of accounting. True or false? Explain how?

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

Q: Difference Between Financial Accounting And Bookkeeping?

A: Definition:   Bookkeeping: Bookkeeping is the process of recording financial transactions and other…

Q: You are approached to comment on a company’s accounting disclosure quality. As an accounting…

A: Accounting disclosures are the information that the company discloses with the financial information…

Q: what is professional judgement in financial accounting ?

A: Financial accounting is that branch of accounting which deals in recording of transactions,…

Q: What does the concept of objectivity imply for information reported in financial statements?

A: Accounting is a system of information that collects the data, process it and present the data in a…

Q: what criteria do accountants use to decide whether to use present or future values in accounting…

A: Present value is worth, of a future cash flow, as of today. Everyone has a different expectation…

Q: When do accountants consider revenue to be realized?What basic question about recording revenue in…

A:

Q: What do accountants mean by the term revenue?

A: Revenue is the sum that a corporation earns from selling products and/or supplying its clients and…

Q: Can a stockholders be an internal user of financial information?

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: Which of the following accounting concepts do accountantsand auditors assess by using financial…

A: Financial Analysis is the process of evaluation of finance related transactions to determine…