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OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS
Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under-
1. To recognize and approximation the present and potential profitability/earning ability of the enterprise
2. To aid in economic decision making
3. To estimate and understand the financial performance and position of the concern
4. To calculate the effectiveness of business operations
5. To compute and analyze the different financial ratios and flow of funds/cash
6. To recognize areas of mismanagement and possible danger so that corrective actions can be taken
7. To resolve the preservation of financial leverage by the project
8. To establish the movement of inventory in the enterprise
9. To recognize diversion of funds etc.
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
Workout Expenditures Professional fees (legal, accounting, appraisal) paid to entities unaffiliated with the investment company's advisor or sponsor in connection with any of t
Q. What do you mean by Not-for-profit organizations? Not-for-profit organizations such like charities, fraternities, churches, and universities need accountants to record and a
Q. Explain Periodicity assumption of accounting? As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its econ
decrease in owners equity decrease in owener''s equity
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-
Q. Effects of bias in terms of accounting? Where there is no correspondence the cause may be (a) bias or (b) lack of completeness. - Effects of bias. Accounting measuremen
Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
Q. Income taxes payable? Taxes withheld from employees comprise federal income taxes, state income taxes and social security taxes withheld from employees' pay checks. The comp
All relevant information and explanations about a business have been included in its financial reports
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