Draw a figure showing the five parts of the Financial System and explain them in detail

Q: What are the four basic financial statements? Describe the information that can be found on each…

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

Q: Define five pillars of accounting and explain each of them with examples

A: There are n number of Transactions took place and such transactions are recorded in the books of…

Q: The foundation of finance is the four basic financial statements. They are measured and reported…

A: The names of these financial statements are: Balance Sheet: The balance sheet shows the financial…

Q: write the importance of Financial Information and its distribution in 5 key points/headings

A: A financial statement is prepared by the company in order to retain the accounts and financial…

Q: Explain how the accounting equation organizes financial information using T-accounts and debits and…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: List the five account categories, specify their natural balance and which financial statement they…

A: Financials statements are prepared for analysis of different operational aspects of business such as…

Q: Going from general to specific, what are the three primaryobjectives of financial accounting…

A: Financial Accounting is the process by which an organization's revenue, receivables and expenses are…

Q: List the major types of financial institutions and briefly describe the primary function of each

A: Types of Financial Institutions: Investment Institutions: Such an institution is a trust company…

Q: What are the three primary financial statements with whichwe communicate financial accounting…

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

Q: . Explain the main elements of Financial Statements in detail.

A: main elements of financial statements of are - - Assets  - liabilities - equity - incomes - expenses…

Q: task of financial accounting

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

Q: What are the four basic assumptions that underlie the financial accounting structure?

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: Who are the providers of financial information? Name them.

A: Financial Information of any organization is provided in its financial reports. These reports are:…

Q: Elements of financial statements are prescribed by the Conceptual Framework of financial accounting.…

A: Elements of the financial statement include: Assets Liabilities Owner's equity Revenue/gains…

Q: What are the eight overall considerations to be applied in the presentation of financial statements

A: The eight considerations are:1. Fair presentation and compliance with standards 2. Going concern 3.…

Q: What is the General Purpose Financial Statements and describe its purpose

A: General Purpose financial Statements General purpose financial statements are those financial…

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: ive 5 examples of financial intermediaries, describe how it works as a financial institutions

A: Financial intermediary:   It is an institution that act like a middleman between two entities two…

Q: Describe the points how to prepare financial statements.

A: Financial Statement:   It refers to the records of an organisation that reports the business…

Q: Name and briefly explain the three major financial statements?  How does each relate to the…

A: The statement that reveals the financial activities of a business along with its financial…

Q: what are the accounting concepts? define in detail every one of them in financial accounting.

A: Accounting Concepts May be considered as postulates i.e., basic assumptions or conditions upon which…

Q: What are the goals of financial accounting? Enumerate at least three and discuss why they are…

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

Q: Describe the function and primary focus of financial accounting.

A:

Q: What are the four financial statements? Define them.

A: Financial statement is the written record of the company's business and it convey the financial…

Q: Name some of the various types of financial intermediaries described in the chapter and indicate…

A: Financial intermediary: It is a company which acts a broker in financial transactions between two…

Q: - Mention any four financial services which you avail from financial Institution.

A: Financial institution is an organization or a company which offers the services related to financial…

Q: What are the four types of financial statements in accounting?

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: Distinguish between financial and nonfinancial transactions. Give three examples of each.

A: Transaction: The economic events which bring about any changes in the financial items of a business…

Q: What are the three important Financial Statements? Explain the same with illustration and examples…

A: The three important financial statements are -

Q: a. List the four types of financial statements b.Describe the interrelationshipbetween balance…

A: Financial statements provide detailed financial information of the entity. It includes details…

Q: What is financial system? Explain the 3 functions of financial system?

A: Financial system is said to be a network of institutions, such as, insurance companies, banks,…

Q: The synonyms of financial statements are? a. Financial analysis b. Financial reports c. Financial…

A: Financial statements are those statements which are prepared at the end of accounting period in…

Q: What information should be included in the heading ofeach of the four primary financial statements?

A: In the headings of each of the financial statements one thing that must be included is date at the…

Q: What are the general four criteria used to recognized in the basic financial statements?

A: Financial statements are prepared to analyse financial position of the business. Basic financial…

Q: Explain the nature and main objective of the financial system.

A: Financial system helps in transferring of financial resources form one person to another person.

Q: Describe five internal users of financial information and their information needs

A: Five of the internal users along with their information needs are explained in the next step.

Q: Explain briefly any three decisions involved in the financial management

A: Introduction: The organizing, directing, as well as attempting to control an enterprise's financial…