Give and explain two unethical ways in which a business may prepare its financial statements
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Give and explain two unethical ways in which a business may prepare its financial statements
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- Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleAccording to the business entity concept, nonbusiness assets and liabilities are not included in the businesss accounting records.That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
- Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired.Do not copy from bartleby Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees InvestorsDo not copy Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees Investors
- nternal control does not consist of policies and procedures that Select one: a. Ensure that business information is accurate b. Protect assets from misuse c. Guarantee the company will earn a profit d. Ensure employees and managers comply with laws and regulationsSome argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired. Instructions Comment on the appropriateness of this viewpoint.What is a chance recently implemented by FASB that required a company to change its accounting principal? How did it impact the companies financial statements?
- (2) Is it permissible to violate generally accepted accounting principles (GAAP) when preparing reports used strictly by company management? If so, why?One reason that an cntity is allowed to change its accounting policy is when It is required by an accounting standard. It is required by law. It is ordered by management. All of these would allow an entity to change an accounting policy.Which of the following is NOT correct about the importance of accounting? Select one: a. It ensures that transactions are recorded for future reference. b. It can assist the users to identify the financial position of an organization, whether the company is making a profit or a loss and the necessary follow-up actions that should be taken c. It can help to improve the salary of the employees d. It can provide a picture of the financial position of a business
