Which file has as its primary purpose to provide historical financial data for comparative financial reports? a. journal voucher history file b. budget master file c. responsibility file d. general ledger history file

Q: describe the importance of fi nancial statement notes and supplementary information—including…

A: The importance of financial statement notes and supplementary information thatincluding disclosures…

Q: Difference between financial statements and budgeted financial statements.

A: Financial statements are written records that convey the business activities and the financial…

Q: Which item below is not considered a major input to the general ledger and reporting system?…

A: Introduction: Statement of cash flows: All cash in and out flows are recorded in statement of cash…

Q: Describe the Management’s Responsibility for Financial Statements.

A: The financial statements of the company are the responsibility of management. The financial…

Q: An objective of financial reporting is

A: Financial reporting uses financial statements to disclose financial data that indicates the…

Q: Forward-looking information Includes the following except Select one: a. Forecasts of revenues,…

A: Forward looking refers to the future planning.

Q: Which of the following is not a  management accounting report? A.Income statement B.Sales forecast…

A: Management accounting reports: Management accounting reports are those reports which are prepared…

Q: Of the following departments, which are responsible for the following ratios? Finance, Sales, HR,…

A: Ratios are key indicators of the company's performance. It is minutely monitored by insiders as well…

Q: Ascertain various conceptual models for the measurement of the elements in the financial statement.

A: Financial statements are known as the written form of statements of a business that depicts the…

Q: What method of determining operating income is required under GAAP for financial statement…

A: There are two basic types of accounting methods to determine the operating profit of a company which…

Q: Critically analyse the components of Financial Statemen

A: Introduction:- Every Component of the Financial Statements provides a unique and useful purpose and…

Q: What is meant by the term “qualitative characteristics of accounting information”?

A: Qualitative Characteristics of Accounting Information System: Qualitative characteristics are what…

Q: What are the quality information with regards to financial reporting?

A: Financial reporting is to communicate the financial position and its soundness to the shareholders,…

Q: Differentiate Financial Reporting and Management Reporting. How are they related?

A: Financial report shows the financial results of the company which has already achieved. Management…

Q: Which one of the following reports are produced for External use: Select one: O a. Inventory reports…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Why do the authors suggest that a thorough review of the firm’s chart of accounts, account…

A: The entire budgeting and planning exercise involves careful review and analysis of the revenues and…

Q: Explain these qualitative characteristicsof financial report as per IFRS: Relevance Faithful…

A: * As per the bartleby guidelines, in case of interlinked answer first 3 only   Relevance: Relevance…

Q: Explain the following: How Generally Accepted Accounting Practices are utilized in financial…

A: Introduction:   Financial statements are documents that describe a company's operations and…

Q: Prepare an entity relationship diagram, in good form, for the expenditure cycle, which consists of…

A:

Q: Which of the following is not a general-purpose financial statement?   Retained earnings statement…

A: The general purpose financial statements are used to provide financial information about the…

Q: Forward-looking information Includes the following except Select one: a. Forecasts of revenues,…

A: Forward-looking information means information that is not based on past records but an analysis of…

Q: The conceptual framework for financial reporting (CF) allows for two measurement bases. What are…

A: This question explains about the conceptual framework for financial reporting (CF) allows for two…

Q: Provide a general overview of Integrated Financial Management Information (IFMIS)

A: SOLUTION- Integrated Financial Management Information System (IFMIS) alludes to the computerization…

Q: How are operating items projected on financial statements?

A: Solution:- Operating expenses are indirect expenses which includes selling, distribution, admin…

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: The following are all output reports of the financial reporting system, EXCEPT a. variance analysis…

A: The financial reporting system (FRS) overview the financial resources of the organization. The…

Q: Explain the use of the general ledger in the financial management process.

A: A general ledger is a financial data record-keeping method that contains debit and credit account…

Q: What qualitative characteristic defines, the underlying influence in the preparation of financial…

A: Going concern represents that the company would prepare its financial statement with the intention…

Q: Compare the essential features of each financial account statement to analyse the differences…

A: Journal-Journal is the original book of entry wherein financial transactions are recorded for the…

Q: Write a report on updated version of conceptual framework  for financial reporting

A: The conceptual framework is a systematic structure for reporting financial information according to…

Q: what is the relationship between accounting and financial disclosure and company's budget?

A: Accounting cycle can be defined as the entire process of recording a single business transaction in…

Q: One output of the accounting information system is the balance sheet. Transactions commonly…

A: Accounting information system is one of the important system that is being used for maintaining and…

Q: Identify significant accounts and relevantassertions related to the revenue andcollection cycle.

A: Revenue and collection cycle: Under this procedure, the collection period from the customer is to be…

Q: Assertions regarding big account balances at the conclusion of a financial and investment cycle…

A: This question explains about the big account balances at the conclusion of a financial and…

Q: mention the users of financial information and their respective needs.ment accounting and cost…

A: The users of financial information and their respective needs are discussed hereunder :

Q: when resources should be reported in the financial statements of funds is a basis of accounting…

A: According to the cut off procedures in accounting, the transactions of one period is to be separated…

Q: Which of the following is not a function of accounting? Interpreting Bookkeeping Budgeting Od…

A: The function of accounting are enumerated as below:

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial transactions.…

Q: explain issues pertaining various conceptual models for the measurement of the elements in the…

A: Financial Statements :- Financial statements  are known as the composed type of articulations of a…

Q: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting

A: Accounting Standards Updates: constitute GAAP and dictate acceptable financial accounting and…

Q: What is the process of managing revenue and expenses? Group of answer choices  Finance Budgeting…

A: Process of managing revenue and expenses is called Budgeting. Budgeting is used for controlling the…

Q: Financial Statements

A: Management reports are the reports that contain the data related to the performance of the company…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.