Intermediate Accounting Chapter 1 correctly answered graded A+

Intermediate Accounting Chapter 11. Summary of Learning Objectives Identify the major financial statements and other means of financial reporting - correct answer Companies most frequently provide (l) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners' or stockholders' equity. financial accounting - correct answer The accounting process that culminates in the preparation of financial reports for use by both internal and external parties. (p. 4). financial statements - correct answer The principal means through which a company communicates its financial information. These statements reflect the collection, tabulation, and final summarization of the accounting data. The statements most frequently provided are (1) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners' or stockholders' equity. Note disclosures are an integral part of a company's financial statements. (p. 4). financial reporting - correct answer Reporting of financial information other than in formal financial statements. Examples include the president's letter or supplementary schedules in the corporate annual report, prospectuses, reports filed with government agencies, news releases, management's forecasts, and social or environmental impact statements. (p. 4). 2. Summary of Learning Objectives Explain how accounting assists in the efficient use of scarce resources. - correct answer Accounting provides reliable, relevant, and timely information to managers, investors, and creditors to allow resource allocation to the most efficient enterprises. Accounting also provides measurements of efficiency (profitability) and financial soundness. 3. Summary of Learning Objectives Identify the objective of financial reporting. - correct answer he objective of general-purpose financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity through equity investments and loans or corms of credit. Information that is decision-useful to investors may also be helpful to ther users of financial reporting who are not investors.