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Chris, an ambitious person, wanted to expand his business and arrange his administration more efficiently. The following are a couple of the questions he asked. Provide brief but clear explanations that satisfy International Financial Reporting Standards and other applicable regulations:
1. What are source documents and how important is it to keep them?
2. What is the purpose of preparing financial statements and who, besides
the owner, is going to use them? Your explanation must include two
users, other than owners, and briefly describe their needs.
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- 1.1 Chris Nuts has a car repalr business, Nuts and Bolts, that he started on 1 July 2020 after he lost his Job during lockdown. The following are some of the transactions for the month of May 2021: Transaction number Transactions еxample Pald rent of R2 450 for the month of May 2021. 1 Bought consumables during the month for R9 600 on credit. All consumables are purchased for Immedlate use. 2 Took a loan of R50 000 from his uncle Spanner Hardman. The loan bears Interest at 9% per year payable monthly. The loan capital is payable in two equal annual Instalments, the first of which is payable on 31 May 2022. Chris purchased electronic diagnostic equipment that had a marked price of R40 O00 with a 10% cash discount offered. Chris pald cash for the equipment which he put to use Immediately. Services fees for the month were as follows: Cash deposited Into the bank acoount R32 400. On credit to businesses given 30 day accounts: R17 300. Pald monthly Interest on the loan taken from Spanner…What is the most important knowledge you were able to generate from taking Financial Accounting and Reporting? Kindly Explain.A friend asks you about whether GAAP requires companies to disclose forecasts of financial variables to external users. She thinks that information could be very useful to investors.Required:1. What are the two primary qualitative characteristics of accounting information?2. Does GAAP routinely require companies to disclose forecasts of financial variables to external users? Indicate yes or no and explain how your answer relates to the qualitative characteristics of accounting information.
- Which of the following statements is true? * In current practice, accounting provides only quantitative information that is useful in making economic decisions. External users are those who do not have the authority to demand financial reports tailored to their specific needs. Under the stable monetary unit assumption, the owners of the business and the business are viewed as a single reporting entity. Therefore, the personal transactions of the owners are recorded in the books of accounts. The practice of accountancy in the Philippines is regulated under R.A. 9892.Answer of the following question related to these characteristics and constraints. Jeff Brown is evaluating two companies for future investment potential. Jeff’s task is made easier because both companies use the same accounting methods when preparing their financial statements. Which characteristic does the information Jeff will be using possess?What type of financial information does each of the following user groups usually seek? a) Individuals b) Managers of Organizations c) Students d) Investors e) Zakat Authorities
- Consider the following statements. For each one of them state whether the statement is true or false and provide a brief explanation to support your answer. a) Financial accounting is targeted at external users while management accounting focuses on internal users. b) The trial balance is part of a company’s financial statements. c) Bank loans are always non-current liabilities. d) In accounting, revenues are recognised whenever there is a cash transfer. e) As understandability is one of the key characteristics of accounting according to the IASB conceptual framework, transactions that are too difficult should not be recognised in the accounts.Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants must understand the inherent uncertainty in accounting measures and distinctions between related accounting concepts that are important in evaluating the effects of transactions on the financial statements. Instructions Log in and provide explanations for the following items. (Provide paragraph citations.) When you have accessed the documents, you can use the search tool in your Internet browser. a. The three essential characteristics of assets. b. The three essential characteristics of liabilities. c. Uncertainty and its effect on financial statements. d. The difference between realization and recognition.A major focus of this course is the process of financial reporting.a. What is meant by the term financial reporting? b. What are the principal accounting reports involved in the financial reporting process? In gen-eral terms, what is the purpose of these reports? c. Do all business entities engage in financial reporting? Explain.d. How does society benefit from the financial reporting process?
- 20)Which of the following is the best definition of an internal user of accounting information? A) Creditors, such as banks, that use accounting information to evaluate the risk of lending money B) Investors who use accounting information to decide whether to buy or sell stock C) Managers who use accounting information to plan, organize, and run a business D) Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefitsYou just attended a conference which titled “Issues in Financial Reporting’. Your Financial Accountant wants the Accounting Team to get some update from the conference you have just attended. Your Financial Accountant requested you to write a REPORT and explain the following issues: a) What is the importance of Financial ReportingJeff Brown is evaluating two companies for future investment potential. Jeff’s task is made easier becauseboth companies use the same accounting methods when preparing their financial statements. Which characteristic does the information Jeff will be using possess?