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Financial Accounting and Reporting Chapter 18 Exam Questions and Answers 100% Solved
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Financial Accounting and Reporting Chapter 18 Exam Questions and Answers 100% Solved Financial Statements - 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 a...

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  • November 15, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Financial Accounting and Reporting

Chapter 18 Exam Questions and

Answers 100% Solved


Financial Statements - ✔✔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 - ✔✔These financial statements are the primary basis from which

an org's external constituencies form opinions about its financial condition

and management effectiveness

Lenders - ✔✔Analyze financial statements to see if the company has been

managed prudently so that debts can be repaid.

Equity - ✔✔Examine financial statements for operating effectiveness and

profit earned on their investments.

,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Suppliers (Vendors) - ✔✔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 - ✔✔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.

Global - ✔✔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) - ✔✔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

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
published as pronouncements called International Financial Reporting

Standards (IFRS).

International Financial Reporting Standards (IFRS) - ✔✔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 - ✔✔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 - ✔✔Information provided must be of value to decision makers

and have predictive value, confirmatory value, or both

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