why ethics is important in reporting financial statement?

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: Explain why the accounting standards are necessary in financial reporting.

A: Accounting Standards are the rules and guidelines that are used for preparation of financial…

Q: hy is it important to understand financial statem

A: Financial statement are representation of the performance of company and are show how is company…

Q: The reporting of accounting theory is related to what?

A: Accounting theory is all related to the preparation of financial statements of the business.…

Q: What are the functions of the financial balance sheet in assisting in management's decision-making…

A: The question is based on the usage of balance sheet in financial decision making  by managers.

Q: What is meant by the statement that the financial statementsarticulate ?

A: The statement “financial statements are articulated" means that measurements in the balance sheet…

Q: In your opinion, what is the most important statement in the financial statements that a financial…

A: Financial statements: These are the financial reports prepared by an organization for a financial…

Q: Why would a client ask an accountant to report on a financial statement element?

A: Definition:

Q: What are the benefits of financial reporting?

A: Financial reporting is a detailed record of all corporate activities, including costs and profits,…

Q: What are the different kinds of stakeholders and why they are interested in knowing the content of…

A: Stakeholders: Investors are those who have an interest in the firm and can influence or be impacted…

Q: Financial accounting information?

A: Introduction: Accounting: The process in which the financial transactions of the business entity are…

Q: Who uses the financial reporting model?

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

Q: Explain why financial statements are important to the decision-making process in financial analysis.…

A: Accounting is defined as a system of finding, measuring, reporting, evaluating, and documenting the…

Q: What is the purpose of reporting accounting theory?

A: This question explains about the purpose of reporting accounting theory

Q: What may be defined as sufficiently important to influence decisions made by reasonable users of…

A: Users of financial statements are those who are linked to organization in some way and uses the…

Q: WHAT IS FINANCIAL REPORTING STANDARDS AND ENGAGEMENT STANDARDS? AND ITS CONNECTION WITH THE…

A: Financial reporting standards provides principle for preparation of financial reports and…

Q: Explain what makes information in financial statements relevant to use

A: Solution- I think Cash flow statement is the most important for investor to look at although he gets…

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: Why is it important to understand how to analyze financial statements?

A: Financial statements include income statement, cash flow statements, balance sheet and notes to…

Q: What are the objectives of preparing financial statements?

A: Introduction:   Financial statements are written papers that summaries the commercial activities and…

Q: What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?

A: Conceptual Framework: A conceptual framework is a logical presentation of interrelated objectives…

Q: To what extent are you familiar with financial statements and their interrelationships? Explain

A: This question explains about  the financial statements and interrelationships

Q: Explain the nature of the going concern assumption and its implications for the preparation of…

A: Going Concern Assumption: The going concern concept assumes that a company will continue to operate…

Q: What can be defined as sufficiently important to influence decisions made by reasonable users of…

A: The financial statements are the statements that record all the transactions of the company. These…

Q: Explain the difference between financial reporting and financial statements.

A: Financial information refers to the information/data related to the business that is related to the…

Q: What is the primary function of financial accounting?

A: Financial accounting: Primary of function of Financial accounting involves the process of preparing…

Q: Explain the functions of financial management?

A: Following are the functions of financial management: Determining the capital needed: The main…

Q: Explain why a regulatory framework is necessary in financial accounting.

A: The term regulatory framework in accounting refers to the set of rules and regulations that are…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

Q: What is the role of the auditor in the financial reporting process?

A:

Q: Why are disclosures important in financial statement and what are its benefits?

A:

Q: What is the significance of analyzing financial statements?

A: Introduction: A set of financial statements summarizes an organization's financial results,…

Q: Difference Between Financial Accounting And Bookkeeping?

A: Definition:   Bookkeeping: Bookkeeping is the process of recording financial transactions and other…

Q: Is internal accounting information primarily historical orfuture-oriented? How does that compare…

A:

Q: what type of investigation should precede analysis of financial statements

A: Financial Statement Analysis is a process of studying the components of a financial statement to…

Q: When it comes to financial statements and financial reporting, what's the difference?

A: Financial statements and financial reporting will be explained:

Q: What does the concept of objectivity imply for information reported in financial statements?

A: Accounting is a system of information that collects the data, process it and present the data in a…

Q: Explain what is meant by relevance, reliability and comparability and how they make financial…

A: The financial statements of the business include the income statement and balance sheet of the firm.…

Q: What are the importance of financial statement? What is the purpose of financial statement?

A: The financial statement is organized summaries of detailed information about the financial positions…

Q: Is externally reported financial information always preciseand accurate?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: objective of financial reporting

A: Financial reporting is the process of making record of collected financial information and…

Q: What is meant by generally accepted accounting principles,and how do these principles add to the…

A:

Q: WHAT ARE THE IMPORTANCE OF FINANCIAL STATEMENTS?

A: Financial Statements are the Statements which records the activities of the business and depicts the…