Asked Dec 21, 2019

The objective of financial reporting places most emphasis on:
a. reporting to capital providers.
b. reporting on stewardship.
c. providing specific guidance related to specific needs.
d. providing information to individuals who are experts in the field.


Expert Answer

Step 1

Financial reporting: The financial results of an organization related to a period are declared and released to public is called financial reporting. It is the financial statements, that includes income statement, balance sheet, statement of stockholder’s equity and statement of cash flow and notes to accounts.

Step 2

The objective of financial reporting had most emphasis on reporting to capital providers. Financial reports are released to public who invest their monies in the organization. It provides a deep insight int...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in



Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: The net income reported on the income statement for the current year was $185,000. Depreciation reco...

A: a. Prepare a statement of cash flows for cash flows from operating activities using indirect method ...


Q: Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise inventor...

A: Answer:


Q: Ripley Corporation’s accumulated depreciation—furniture account increased by $11,575, while $2,500 o...

A: When the indirect method of presenting the statement of cash flows is used, the net profit or loss f...


Q: On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbe...

A: a. 


Q: How does a job-costing system differ from a process-costing system?

A: Job Costing: Job costing is a process of recording the cost on the basis of manufacturing job instea...


Q: If you were given complete authority in the matter, how would you propose that GAAP should be develo...

A: Generally Accepted Accounting Principles (GAAP): A set of accounting principles, practices and regul...


Q: On January 4, Year 1, Ferguson Company purchased 480,000 shares of Silva Company directly from one o...

A: a.Prepare journal entry for the purchase of 480,000 shares of Company Silva at $30 per share.


Q: CVP analysis, margin of safety. Suppose Morrison Corp.’s breakeven point is revenues of $1,100,000. ...

A: 1.


Q: What is cost allocation? Give three examples?

A: Cost allocation: The process of assigning the cost to the cost object is cost allocation.