Please answer this correctly. Thank you:) 2. Explain the difference between producing financial statements in a traditional system and in a REA model.
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Please answer this correctly. Thank you:)
2. Explain the difference between producing financial statements in a traditional system and in a REA model.
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- Questions ? 1. What assumptions are made in financial reporting 2. What are characteristics that make financial statements useful to its users ? 3. What are the constraints faced in providing useful information ?Hello, I understand how to do this for Balance Sheets, but how about Income Statements?The following are characteristics of financial accounting, except A. It is used by both internal and external users. B. It contains historical financial data. C. It is used primarily for decision-making D. It is verifiable (Choose letter only)
- Solve for the missing amounts and understand how the financial statements are linked.Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1. The objective of financial statements emphasizes a stewardship approach for reporting financial information. 2. The purpose of the objective of financial reporting is to prepare a balance sheet, an income statement, a statement of cash flows, and a statement of owners’ or stockholders’ equity. 3. Because they are generally shorter, FASB interpretations are subject to less due process, compared to FASB standards. 4. The objective of financial reporting uses an entity rather than a proprietary approach in determining what information to report."Everything eventually ends up on the Balance Sheet." Do you agree? Why or why not? If this is true, how is this accomplished through the accounting process?
- What are the 3 basic tools for financial statement analysis? Explain each. What is the importance of data analysis in the accounting process? Please help me answer these questionsDiscuss the fundamental principles of accounting, including the matching principle, the revenue recognition principle, and the historical cost principle. How do these principles affect the preparation of financial statements?on the same exercise it asks to do a statement of financial position. Can you do that
- Which of the following describes financial accounting the best: a) calculations are directed towards future and present, b) follows standards and norms, c) helps managers in decision making calculations are directed towards future and present follows standards and norms helps managers in decision making none of the alternatives is correctSolve this question with steps please. The subject is fundamental of financial accounting.Discuss the four basic Assumptions that underline the financial Accounting Structures with example. b) Match the qualitative characteristics below with the following statements. I. Relevance VI. Comparability II.Faithful representation VII.Completeness III. Predictive value VIII.Neutrality IV.Confirmatory value IX.Timeliness V. Free from error X. Understandability (i) Quality of information that permits users to identify similarities in and differences between two sets of economic phenomena. (ii) Having information available to users before it loses its capacity to influence decisions. (iii) Information about an economic phenomenon that has value as an input to the processes used by capital providers to form their own expectations about the future.