General-purpose financial statements, Accounting Basics

Assignment Help:

Q. General-purpose financial statements?

Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties and top-level internal managers. In contrast accountants are able to gather special-purpose financial information for a specific decision typically on a one-time basis.

For example management may require specific information to decide whether to purchase a new computer system. Ever since special-purpose financial information must be specific this information is best obtained from the detailed accounting records rather than from the financial statements.


Related Discussions:- General-purpose financial statements

Corporate accounting and accounting for sole proprietorship, Q. Corporate a...

Q. Corporate accounting and accounting for sole proprietorship? Several textbook authors use a sole proprietorship and a partnership form of business ownership to exemplify acc

Cash flow information: direct and indirect methods, Cash flow information: ...

Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou

Example on closing process, Q. Example on closing process? This problem...

Q. Example on closing process? This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing pr

Accounting errors-transaction errors, Accounting Errors-Transaction Errors ...

Accounting Errors-Transaction Errors How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity? How do the

What is trial balance, Q. What is trial balance? The firm credits two A...

Q. What is trial balance? The firm credits two Accounts Payable and accounts Cash in this one entry. But the dollar totals of the debits and credits are equal. Cyclically accou

Altona company, The balance sheet account as of July 31, 1995 for altona co...

The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib)                  35,630 Office Equipment (ass)         16730 Delivery Truck

Revaluation model, Is there nay depreciation needed to perform when the rev...

Is there nay depreciation needed to perform when the revaluation model is applied to the asset?

Criticisms against setting of accounting standards, Criticisms against sett...

Criticisms against setting of Accounting Standards: 1.       Setting of Standards may occasionally control the type of treatment of definite items. 2.       They may generat

Measurement of expense, The measurement of expense Accountants measure larg...

The measurement of expense Accountants measure largely assets used in operating a business by their historical costs. Consequently they measure a depreciation expense resulting fro

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd