Which statement is true regarding interim financial statements?
1. Which statement is true regarding interim financial statements?
Answer:
Interim financial statement:
Interim financial statements are financial statements that cover a period of less than one year. They are used to convey information about the performance of the issuing entity prior to the end of the normal reporting year, and so are closely followed by investors.
Interim financial statement in accounting:
a financial reporting period shorter than a full financial year (most typically a quarter or half-year)
Components of an interim financial statement:
interim financial report should include, at a minimum, the following components: (a) condensed balance sheet; (b) condensed statement of profit and loss; (c) condensed cash flow statement; and (d) selected explanatory notes.
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2. Which is incorrect concerning presentation of comparative interim financial statements?
Answer:
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3. The gross profit method is useful when interim financial statement are prepared
Answer:
The gross profit method is an acceptable method to estimate the cost of inventory destroyed by a casualty It is used when the company implements a periodic system and the value of inventories are recorded in the interim financial statements.
Explanation:
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4. Which statement is not true about the conceptual framework for financial reporting?
Answer:
ANSWER: qualitative characteristics of accounting information qualitative...
Explanation:
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5. The gross profit method is useful when interim financial statements are prepared
Answer:
The gross profit method is a technique used to estimate the amount of ending inventory. The technique could be used for monthly financial statements when a physical inventory is not feasible. ... It is also used to estimate the amount of missing inventory caused by theft, fire or other disaster.
The gross profit method is a technique for estimating the amount of ending inventory. The gross profit method might be used to estimate each month's ending inventory or it might be used as part of a calculation to determine the approximate amount of inventory that has been lost due to theft, fire, or other reasons.
Explanation:
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6. Which of the following best describes the objective of an audit of financial statements?
Answer:
Which of the following best describes the objective of an audit of financial statements?
7. what statement/s in the text described that rain emphasizes the need for cooperation?
Answer:
- The water drops stay together and move together. - It forms a huge water body and is capable of filling up a river or lake or even cause floods. Thus the rain is an example of the need for cooperation and unity among humans.
8. What is the only underlying assumption mentioned in the conceptual framework for financial reporting?
Answer:
According to the Framework of IAS/IFRS, the underlying assumptions for the preparation of financial statements are: Accrual basis The financial statements are prepared under the accrual basis. ... Going concern basis The financial statements are prepared under the going concern basis.
Explanation:
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9. What statement in the text describes that rain emphasizes the need for cooperation?
Explanation:
Rain is a beautiful creation and an important process of nature that is vital for our survival.
Characteristics and behavior of the rain
- When we look at the rain though it appears as a single entity, we can see that it is made up of numerous tiny water drops.
- These water drops as single, have no effect but when they are combined together as rain, it accumulates great force and energy.
- The water drops stay together and move together.
- It forms a huge water body and is capable of filling up a river or lake or even cause floods.
Lesson for humans
- Similarly, man is required to act together and cooperate with one another in
Thus the rain is an example of the need for cooperation and unity among humans.
10. Translation of foreign currency financial statements is best described as ________.
Answer:
best describe as used to convert the results of a parent company's foreign subsidiaries to its reporting currency
11. Which statement is true regarding interim reporting?
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12. financial accounting is the area of accounting that emphasizes reporting reporting
Answer:
is this a question?
Step-by-step explanation:
please clarify
13. Financial statements for external users can be described as
Answer:
whereas reports prepared in managerial accounting are usually special-purpose reports.
Step-by-step explanation:
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14. A conceptual framework for financial reporting is
The Conceptual Framework for the Financial Reporting (let's title it just “Framework”) is a basic document that sets objectives and the concepts for general purpose financial reporting.
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15. what are the three qualitative characteristics of financial statements? describe each.
The results showed that the magnitude and significance of the loading estimate indicate that the qualitative characteristics of financial reporting(i.e., relevance, understandability, faithful representation, comparability and timeliness) are significantly influence the non-financial business performance and...
16. objective of a review of interim financial statement information of a public entity is to provide an accountant with a basis for reporting weather
Answer:
The objective of a review of interim financial information is to provide the accountant, through inquiries and analytical procedures, with a basis for reporting whether material modifications should be made to such information to conform with generally accepted accounting principles.
17. Describe an auditor’s review of financial statements
Answer:
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18. What is the objective of financial statements according to the conceptual framework?
Answer:
As the purpose of financial reporting is to provide useful information as a basis for economic decision making, a conceptual framework will form a theoretical basis for determining how transactions should be measured (historical value or current value) and reported – ie how they are presented or communicated to users.
Explanation:
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19. The primary users of financial statements under the conceptual framework include
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20. how can the financial statement be misused
Answer:
improper revenue recognition,
Explanation:
21. Which statement is true concerning the conceptual framework group of answer choices all of the statements are true about the conceptual framework the conceptual framework is not a reporting standard and does not define standards for any particular measurement or disclosure issue. nothing in the conceptual framework overrides any specific pfrss. the conceptual framework is concerned with general purpose financial statements including consolidated financial statements?
Answer:
true concerning the conceptual framework group of answer choices all of the statements are true about the conceptual framework the conceptual framework is not a reporting standard and does not define standards for any particular measurement or disclosure issue. nothing in the conceptual framework overrides any specific pfrss. the conceptual framework is concerned with general purpose financial statements including consolidated financial statements
Explanation:
22. Which one among the following statements is not a characteristic of the integral view of presenting interim financial statements?
Answer:
Interim reporting refers to a requirement by the securities regulator for most publicly held companies to file quarterly or semiannual information.
23. how do you describe the statement of financial position?
Answer:
Statements of financial position forms provide a snapshot of the performance
24. Pas 32 interim financial reporting requires listed entities to provide interim financial reports requires listed entities and those in the process of enlisting their securities to provide interim financial report
Answer:
The Standard notes that governments, securities regulators, stock exchanges, and accountancy bodies often require entities with publicly-traded debt or equity to publish interim financial reports, and that those regulations will generally specify the frequency and timing of such reports.
Explanation:
I'm not sure but I hope it's help
25. The gross profit method is useful group of answer choices all of these. when testing of the validity of an inventory cost determined under either periodic or perpetual system. when inventory is destroyed by fire or flash floods. when interim financial statements are prepared.
Answer:
The gross profit method estimates the value of inventory by applying the company's historical gross profit percentage to current‐period information about net sales and the cost of goods available for sale. Gross profit equals net sales minus the cost of goods sold.
Explanation:
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26. What is the objective of financial reporting as indicated in the conceptual framework?
Answer: To provide useful information to be used as basis in making sound economic decisions.
Explanation:
27. it emphasizes financial consumer protection in its revised regulation
Answer:
BSP o Bangko Sentral ng Pilipinas
28. ASAP PLEASE Which of the following statements are true? Select one: a. No correct answer b. Both I & II c. Statement I only d. Statement I: Financial statements are only interim report. Statement II: Financial statements are also known as annual records. Statement II: Financial statements are historic. e. Statement II only
the answer is letter D
letter D. is the correct answer29. Which statement about interim reporting is true?
Answer:
It's true
Explanation:
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30. name and describe the three main financial statement of business
Answer:
They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.
Answer:
Explanat: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of timeion:
