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…
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- 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?Tom gave his daughter, Nicole, permission to access his business account online but not his principal account. Tom has just discovered that Nicole took P25,000 from the principal account (current account) hoping her father would not notice it. As Tom wrote to the manager of his local bank months ago, expressly forbidding the bank to allow his daughter to do this, he wants the bank to refund the P25,000. With respect to BDO Online Account Opening Service (“Service”) Terms and Conditions, what recommendation can you give him?Jo is the owner of Yummy Seafood, a seafood supermarket. The business accounts for GST on an accrual basis. Jo sells various seafood on account to various restaurants in NSW. The restaurants are also all registered for GST. Recently, Jo received a letter (dated 1 July 2020) from one restaurant advising her that the restaurant was struggling and as a result they are likely not able to pay Jo's total bill ($220,000) by the payment due date, including GST. As a result, Jo has decided to recognise an expense provision totalling $100,000 as at 1 July 2020. Subsequently, on 1 July 2021 Jo has been advised that the restaurant will declare bankruptcy and accordingly, Jo has fully written off the accounts receivable balance. Question: What is the effect of the above transactions on Jo's net amount for the relevant tax periods?
- Bob owns a boat supply store in Grosse Point. In March Bob borrows $1million from Mafia Bank to purchase Governor Snyder’s yacht. Mafia Bank takes a Security Interest in the yacht but does not perfect. In May, Bob borrows money from Premier Bank to purchase inventory. Premier takes a security interest in all inventory and files a financing statement. In June, Mafia Bank files a financing statement. If Bob defaults on all his loans, who wins?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.Freddy runs a business selling clocks. He buys 457 clocks for $44 each (including GST) and sells for $77 each (inc GST). He is registered for GST credits. How much should he remit to the ATO once all the clocks are sold?
- Answer the questions after reading the passages. 1.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…Marcus runs a business selling reclining chairs. He buys 540 chairs for $55 each (including GST) and sells for $85 each (inc GST). He is registered for GST credits. How much is he liable to remit to the ATO assuming all the chairs are sold? For all answers (unless otherwise indicated), please round your answer to the nearest dollar and use numerals only eg 9999Mansi, a self-employed influencer, left her home in Georgia on Monday to fly to New York to meet with another influencer to discuss a "collab". She returned the next day. Her expenses are as follows: Airfare $500, lunch in New York at a restaurant with influencer $100, Taxi $50. How much can Mansi deduct? (Do not use commas or dollar signs. Round to the nearest dollar.)
- Peter Pan is a self-employed delivery driver. On one delivery trip, Peter Pan received a $100 ticket for being double parked in violation of city traffic laws. In an attempt to avoid the ticket, Peter Pan slipped the parking enforcement officer a $20 bill to "look the other way". Unfortunately, the parking enforcement officer took the $20, but still gave Peter Pan the ticket. How much of the $120 can Peter Pan deduct as a business expense?Tre owns his own business selling drums. Tre prefers to sell the drum kits for cash, but occasionally will sell on credit to people he trusts. On January 1, 2020, Tre has Accounts Receivable of $20,000. During the year, he sold a total of $120,000 worth of drums and collected $90,000 in total cash. What are Tre’s Accounts Receivable on December 31, 2020? Group of answer choices $0 $20,000 $50,000 No way to figure this outElizabeth is a young woman living in Barbados. She approaches a bank for a loan to purchase a used car that she found online from Japan Motors. The car costs US$5000 and US$2500 for shipping. Once the car arrives the duty required is 100% of the total including shipping. Elizabeth will require a total loan of US$15,000 to pay for the car, shipping and duties. The bank approves the loan and releases the funds to Elizabeth. Elizabeth is a budding entrepreneur and devises a plan to earn some extra money. Rather than wire the US$7500 to Japan Motors and retain the remaining US$7500 to pay the duty, Elizabeth decides to wire the entire amount of US$15,000 to Japan Motors to pay for two cars. Elizabeth plans on selling the second car at a markup and using the profits towards her own car purchase. Eventually, the shipment arrives at the port with both of the cars Elizabeth purchased. However, Elizabeth has a problem because no one has purchased the second car from her yet. This is because…