users of the financial information
Q: What is the notes to financial statement? Describe its content.
A: Financial statements consists of profit or loss account, balance sheet,cash flow statement and…
Q: Who are some of the basic users of financial statements, and how do they use them?
A: There are many users of the financial statements produced by an organization. The following are the…
Q: advantages of financial accounting
A: Answer are as follows
Q: Explain the purpose of financial statement disclosures.
A: The purpose of Financial statement disclosures is to provide information about the financial…
Q: Explain how to present financial statement.
A:
Q: Define financial data.
A: Financial Data means the unaudited salary explanations identifying with activity of the property for…
Q: What is definition of financial services
A: Services refer to all those facilities that are provided by one company to another or to any single…
Q: Prepare statement of financial position
A: Introduction: Statement of financial position: All the assets and liabilities are shown in balance…
Q: The primary objective of financial reporting is to provide information?
A: The primary objective of financial reporting is to provide information relating to financial…
Q: Describe the financial reporting environment.
A: Financial statement: Financial statements are prepared to summaries the account at the end of the…
Q: Recognize key financial and investment accounts and important statements.
A: This question explains about financial and investment accounts and important statements.
Q: most general and most important objective of financial reporting
A: Option B is wrong because ensuring that the management objectives are met is not an objective of…
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: Explain the qualitative characteristics of financial reporting information.
A: Conceptual Framework: The FASB's Conceptual Framework for Financial Reporting states the objectives…
Q: Define Financial reporting.
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: The information provided by financial statements is in nature.
A: Financial statements: These refer to the formal or official records of the activities of the…
Q: Describe the purpose of financial statements.
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: Describe the elements of financial statement.
A: Financial Statements: These are statements prepared at the end of accounting period to analyse…
Q: Explain the objectives of financial reporting.
A: Financial reporting: Financial reporting is the procedure used to communicate the information…
Q: Provide statement of financial position
A: Statement of Financial Position The purpose of preparing the statement of financial position to know…
Q: Define the term financial reporting.
A:
Q: Describe Common methods for analyzing financial statements.
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: WHAT IS THE PURPOSE OF FINANCIAL STATEMENT?
A: Financial statement - are prepared by the management of a company to convey the performance of the…
Q: Explain the growth and Development of Financial Accounting.
A: Accounting as we know is the system of recording, summarizing and classifying the financial…
Q: How does the financial statements are the primary means of communicating financial information to…
A: Financial Statement: It refers to the end reports of an organization prepared to report the…
Q: Financial information is prese
A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost…
Q: What is financial reporting environment?
A: A short introduction to Financial Reporting- Basically it is a standard accounting practice that…
Q: What is the equation that shows the relationship between elements of financial data
A: The equation that shows the relationship between the elements of financial data is shown hereunder :…
Q: What is the primary means of conveying financial information to external users?
A: Financial reporting: Financial reporting is the procedure to communicate the financial information…
Q: Main objective of financial accounting
A: Financial Accounting In the financial Accounting the basic process is to record the required…
Q: discuss the ‘primary users’ of general-purpose financial reports?
A: General purpose financial reports means the financial statement including trading and profit and…
Q: What Are Financial Statements? Name The Major Financial Statements?
A: Financial Statements are very important documentation of an organisation's financial matters and…
Q: Elaborate the users of Financial Statement in detail
A: Financial statements give overall growth to economy. There are may users of financial statements who…
Q: How to prepare statement of financial position
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Definition of Financial Accounting
A: Solution:- Definition of financial accounting as follows under:-
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 the elements of financial statements.
A: Financial Statements are statements prepared at the end of accounting period to analyse financial…
Q: are the main decisions of the financial management? Expla
A: There are basically four types of decisions to be made as part of financial management.
Q: Economic income
A: Accounting income is the amount of income transferred from the balance of income statement to…
Step by step
Solved in 2 steps
- Goerge Edward and his 80 year old mother, Elizabeth Edwards, who he lives next door to, both have bank accounts at the First National Bank of (Your Jurisdiction) Limited. George manages his mother's finances since it is difficult for her to physically go to the Bank to complete transactions (such as pay utility bills) and she is not technologically savvy. He is her only son and she has one daughter, Natalia Charles. On Monday 29th August, 2022, George went to the FNB to obtain a bank draft (cheque). One of the Bank's workers asked him about his mother and whether she was able to purchase the property that she requested the bank draft for. George became furious. He did not know about the bank draft nor about the plan to purchase any property. He tells them that everyone knows that his mother has Alzheimer's disease. He demands to know the details of what transpired and the bank worker tells him that his mother was brought in by Michael Charles, who took custody of the bank draft after…• Cynthia is an electrician, age 29, and single. • Cynthia has investment income and has a consolidated broker’s statement.• Cynthia began a cleaning service business in 2020. She was paid on Form 1099-NEC for 2021. She also received additional cash receipts of $400 not reported on the Form 1099-NEC. • Cynthia uses the cash method of accounting. She uses business code 561720.• Cynthia has receipts for the following expenses:- $350 for cleaning supplies- $225 for business cards - $450 for a mop, broom, and vacuum cleaner - $150 for work gloves - $125 for lunches - $175 for work clothes suitable for everyday use • Cynthia has a detailed mileage log reporting for 2021:- Mileage from her home to her first client’s home and mileage from her last client’s home to her home – 750 miles- In addition, on the days Cynthia worked for multiple clients, she kept track of the mileage from the first client’s home to the second client’s home in case that mileage was also deductible. She logged 450…Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 70% of their face value and then attempts to collect these accounts. During the current year, Bob collected $75,200 on an account with a face value of $90,240. Bob has debt deduction. He has of $fill in the blank 3.
- Martin Manera is one of three partners who own and operate TaftWorld, a global import and export business. Martin is the partner in charge of recording partnership transactions in the accounts. One day while driving to work, Martin’s car broke down. Upon inspection, the mechanic discovered the engine had to be replaced at a cost of $5,000. Martin does not have enough money in his bank account and his credit cards are at their limits. He has to have this car to come to work, and he only uses his car for this purpose. He decides to take $5,000 from the partnership for the repair and record it as an expense of the partnership. What are three ethical issues in this scenario?Hopper works as an independent contractor (self-employed sole proprietor) for local businesses on weekends, and he often provides services in exchange for property. All of the following happened during 2019: Hopper provided security services in exchange for $1,375 of car repair services, $2,500 of groceries, and cash of $5,250. The cash was mailed to Hopper in the form of a check on December 15, 2019. Hopper, however, was out of town for the entire month of December. When he checked his mail on January 1, 2020, the check was there. Hopper also received a gift card in exchange for services he provided that could only be used for $1,000 work of clothing at a local mall shop. During 2019, Hopper only redeemed $250 worth of clothing at a local mall shop. Hopper has a total of $6,300 worth of legitimate business expenses during 2019, none of which were considered Cost of Goods Sold. Determine Hopper’s gross income for 2019 assuming that he uses the cash basis of accounting.bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,295 in course fees for his continuing legal education in a different city. He also paid $467 for airfare and a hotel room and paid $250 for meals, all of which were provided by the hotel’s restaurant. Bob also purchased a $6 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses?
- Mario is engaged in a pharmaceutical business. One day, Mario unnecessarily bought from Dario a truckload of supplies and medicines to be sold in his pharmacy so that he could post the cost in his ledger as expense to reduce his tax liability. Is the contract of sale between Mario and Dario valid? Why or why not? 2. Joanna entered into a loan contract with Marie over Marie’s car where Joanna is the borrower and Marie is the lender. It was stated in the contract that the ownership will be transferred to Joanna. The title to the car was given to Joanna who registered the car in her name. Before the end date of the contract, Joanna expressed her intention to buy the car. But Marie refused to agree to Joanna’s intent. Was Marie correct in refusing to agree to Joanna’s intent? Why or why not? 3. Scott requested Jenny to work with the Bureau of Internal Revenue (BIR) in further reducing the tax liability of the company believing her to be an accountant. Meanwhile, Jenny took advantage of…. Peter is a self-employed attorney. He gives the following information about his business to his CPA for use in preparing his 2019 tax return: Income Fees from law practice $153,000 Expenses Malpractice insurance $8,000 Office rent 12,000 Office supplies 5,600 Travel expense 2,000 Meals 3,800 Entertainment 4,000 Paralegal wages 25,500 Country club dues (Peter uses the club for business entertainment) 2,500 Peter also drove his car 5,850 miles for business and used the standard mileage method for computing transportation costs. How much will Peter show on his Schedule C for 2019 for: a. Income b. Tax deductible expenses c. Taxable incomeCharlie, a self-employed financial planner, had the following expenses in 2021 in the following amounts: Gift To Haley, Charlie's professional assistant $36 Gift To Darryl (a key client, includes $3 for gift wrapping) 28 Gift To Darryl's daughter for her graduation (not a client) 20 Gift To Veronica, Charlie's personal hair stylist 30 In addition, Charlie took Haley to lunch at a local restaurant on administrative professional's day 62 Assuming that Charlie has adequate substantiation, how much can he deduct? Please show calculations or explanation.
- Felipe and Lucia Ramirez are a newly married couple in their mid-20s. Conrad is a senior at a state university and expects to graduate in the summer of 2015. Lucia graduated last spring with a degree in marketing and recently started working as a sales rep for the Momentum Systems Corporation. She supports both of them on her monthly salary of $4,250 after taxes. The Ramirez’s currently pay all their expenses by cash or check. They would, however, like to use a bank credit card for some of their transactions. Because neither Felipe nor Lucia knows how to apply for a credit card, they approach you for help. Critical Thinking Questions Advise the couple on how to fill out a credit application. Explain to them the procedure that the bank will probably follow in processing their application. Tell them about credit scoring and how the bank will arrive at a credit decision. What kind of advice would you offer the Ramirez family on the “correct” use of their card? What would you tell them…Nancy owns a small dress store. During 2015, Nancy gives business gifts having the indicated cost to the following individuals: Mrs Johns (a customer) : $37 plus $3 shipping Mr. Johns (nonclient husband of Mrs. Johns) : $10 Ms. Brown (a customer): $22 What is the amount of Nancy's deduction for business gifts? a. $ 0 b. $ 50 c. $ 53 d. $ 62 e. None of the aboveFreddie owns an electronics outlet in Houston. This year, he paid $600 to register for a four-day course in management in Oklahoma City. Freddie paid $800 in airfare and $1,000 for five nights' lodging. After the course, Freddie spent the last day sightseeing. During the trip, Freddie also paid $140 a day for meals, and $80 a day for a rental car. What amount of these travel expenditures may Freddie deduct as business expenses?