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Exam (elaborations)

Chapter 18 - Financial Accounting and Reporting Every answer is on point, ensuring a flawless performance.
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  • FAC1601 Financial Accounting & Reporting

Financial Statements - Answer Summarize a company's operating results and financial position at a point in time; records of historical performance that provide insight into how markets form performance expectations and place a value on the company. External - Answer These financial statements ar...

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  • September 30, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • chapter 18 financial accounting and reporting ev

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  • FAC1601 Financial Accounting & Reporting
  • FAC1601 Financial Accounting & Reporting

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Chapter 18 - Financial Accounting and

Reporting Every answer is on point, ensuring

a flawless performance.

Financial Statements - Answer Summarize a company's operating results and financial position at a

point in time; records of historical performance that provide insight into how markets form performance

expectations and place a value on the company.

External - Answer These financial statements are the primary basis from which an org's external

constituencies form opinions about its financial condition and management effectiveness

Lenders - Answer Analyze financial statements to see if the company has been managed prudently

so that debts can be repaid.

Equity - Answer Examine financial statements for operating effectiveness and profit earned on

their investments.

Suppliers (Vendors) - Answer Examine financial statements to se if the company has adequate

liquidity and cash flow to pay for purchases; also: -to determine a potential customer's credit worthiness

-to assess competitor's operating and financing policies

-to identify and evaluate candidates for acquisition or merger

Internal - Answer These financial statements are used by owners and staff to manage the day to day

operation of an org. They are used for analyzing the org's performance and position in order to take

appropriate measures to improve overall results.




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, Global - Answer These accounting standards provide consistent in accounting for activities that are

common to all, or most, commercial enterprises. Being able to compare 'apples to apples' by using

commonly accepted accounting principles is the point of accounting, and of the __ and US accounting

standards boards. Most companies use IASB and IFRS; in the US we use GAAP.

International Accounting Standards Board (IASB) - Answer Determines general accounting

standards and is made up of board members from 9 countries. The mission is to develop a single set of

global accounting standards published as pronouncements called International Financial Reporting

Standards (IFRS).

International Financial Reporting Standards (IFRS) - Answer A single set of international global

accounting standards published as pronouncements from the IASB. Lays out a series of general principles

which all accounting statements must attempt to meet.

IFRS Basic Principles - Answer There are a number of qualitative characteristics that accountants

are expected to follow in selecting and applying appropriate accounting policies for their org under __ __

__:

1. Relevance

2. Materiality

3. Faithful Representation

4. Comparability

5. Verifiability

6. Timeliness

7. Understandability

8. Completeness (The Cost Constraint)

Relevance - Answer Information provided must be of value to decision makers and have predictive

value, confirmatory value, or both




Page 2 of 13

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