• Identify a company, business, or organization in your community (it can be one for which you work), and share some examples of current and long-term liabilities for that company. Reflect on the financial statement presentation requirements for the company's current and long-term liabilities. Based on what you have learned, what changes would you make, if any? Why, or why not?
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- Question - A formalized report that summarizes your current financial situation, analyzes your financial needs, and recommends future financial activities is: the life cycle model a balance sheet a personal financial plan a tax returnIn what way financial reporting affects you as a student, and as a future professional?What are financial statements and explain different types of users of finanacial statement including their interests? Please donot provide answer by coping from internet.
- Investors and creditors use the income statement to answer what types of inquiries regarding the company's financial future?In the current financial environment, what characteristic of accounting date (timeliness, completeness, accuracy) do you feel is the most important for external investorsBased on the analysis of transactions, state which financial statement Balance Sheet or Income Statement is more important to an outside investor when deciding to invest in a potential business. Explain your choice.
- Discuss how the study of accounting will help in your personal and professional lifeYou are to prepare a balance sheet for a hypothetical business entity of your choosing (or specifiedby your instructor). Include in your balance sheet the types of assets and liabilities that you thinkthe entity might have, and show these items at what you believe would be realistic dollar amounts.Make reasonable assumptions with regard to the company’s capital stock and retained earnings.Note: The purpose of this assignment is to help you consider the types of assets and liabilitiesrequired for the operations of a specific type of business. You should complete this assignmentwithout referring to an actual balance sheet for this type of business.Recommend ways in which your company may utilize anticipated financial statements and other metrics of business success to analyze its operations and procedures.
- Who will be a user of financial statements, and what will they be used for? Question 17 options: Lenders will use financial statements to decide whether to invest in a company. Investors will use financial statements to decide whether to lend money to a company. The marketing department is interested in the operating income figures in the financial statements. Managers will use financial statements to make decisions about their company.Identify the following statements and match it with the one of the qualitative characteristics of financial statement. Submitted Answers Prompts Choose a match The information provided to user to determine the company's growth or future potential Neutrality The financial Statements most be produced within a certain period that users can take advantage of information to make Predictive Value informative decision. Financial Statement is complete, neutral and free of material O Faithful represented statement, it means that it is.. Timeliness The information provided in the financial statement should not be biased to specific group of users.Customers who want to know if a company will stay in business in the long term to honour warranties are considered ________ of accounting information. Select answer from the options below external users primary users indirect users internal users