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Exercise: Basic Elements of Financial Reports
Most financial reports contain the following list of basic elements. For each element, identify the person(s) who prepared the element and describe the information a user would expect to find in each element. Some information is verifiable; other information is subjectively chosen by manage- ment. Comment on the verifiability of information in each element.1. Management discussion and analysis
2. Product/markets of company
3. Financial statements
4. Notes to financial statements
5. Independent accountants' report
compute index-number trend percents for the following accounts using year 1 as the base year. state whether the
Briefly describe Moore Law. What are the implications of this law? Are there any practical limitations to Moore Law?
gaap provides guidelines for the inclusion of interest in the initial cost of a self-constructed asset.required1. what
amber moss and latoya pell decide to form a partnership by combining the assets of their separate businesses. moss
Indicate what accounts are increased and decreased by each transaction and journalize each transaction. (Omit explanations.)
type your quesa companys current net operating income is 17200 and its average operating assets are 95000. the companys
what is the increase or decrease in profits as a results of purchasing the parts from the outside supplier rather than
Determine the per share figures for common stock for (a) income before extraordinary items and (b) net income.
Determine the amount of Haines deficiency and determine the amount distributed to Jolly, assuming Haines is unable to satisfy the deficiency.
abba manufacturing makes staplers. the budgeted selling price is 10 per stapler the variable rate is 5 per stapler and
Prepare a stockholders' equity section at December 31, 2010, including the disclosure of the preferred dividends in arrears.
april and may formed a partnership on january 1 2011. april contributed 180000 cash and equipment with a market value
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