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Income Statement:
Income statements are the statements which evaluate the financial position of the company of a particular period of time with respect to net profit or loss over a period of time.
Balance sheet is the financial statement which represents the financial position the company at a given point of time.
Prospectus:
Prospectus is a document of a company enforced by law for the companies which are proposed to offer their shares to the public.
Financial Statement Notes:
Financial statements notes are the footnotes to provide any additional information. It indicates information which does not form part of balance sheet and income statement account.
Company News Releases:
Company news releases constitute news conveyed by firms for making news.
Statement of
Statements of cash flows constitute a part of financial statement and specify the amount of
Stock Price Information and Analysis:
Stock price information and analysis is an examination of shares and stock of a firm which is valuable for the investors.
Statement of Shareholders Equity:
Statement of shareholders equity represents changes in equity that have occurred during a given period. Any contribution made will lead to increase in capital whereas any withdrawals reduce the amount of capital.
To identify: Classification of items in financial reporting and general purpose financial statements.
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Chapter 13 Solutions
Financial and Managerial Accounting: Information for Decisions
- Internal controls are the rules and procedures that a company develops and implements. These controls help to maintain the accountability and integrity of the accounting information as well as help to prevent fraud. There are many objectives of a well-designed internal control structure in an organization. These include having a controlled environment, assessing risks, and monitoring. An example of a control that I personally use would be in our register system. Every night, the evening cook/helper counts down the cash register drawer and lets me know how much cash was in the drawer over the amount that we leave in it every night of $125. The next morning, I compare the information from the cash register balance sheet to the computer system to ensure all numbers match up. These numbers are then recorded daily into a monthly spreadsheet that we ensure balances at the end of the month. Respond to ally's postarrow_forwardPlease give me correct answer this financial accounting questionarrow_forwardInternal control in a business organization and the reporting of cash on the balance sheet as well as managing receivables and estimating uncollectible accounts is important. What is internal control, and what are the objectives of a well-designed internal control structure in an organization?arrow_forward
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