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kenny6666 [7]
3 years ago
6

Financial statements are optional accounting reports issued periodically by a firm which present information on the past perform

ance of the​ firm, a summary of the​ firm's assets and the financing of those​ assets, and a prediction of the​ firm's future performance.
True / False.
Business
2 answers:
disa [49]3 years ago
8 0

Answer:

False

Explanation:

Financial statements are not optional, several government entities require companies to present them, and if it is a traded company, then the requirements are even more, e.g. IRS, state and local taxing entities, SEC.

The next part of the statement was almost right:

  • financial statements are issued periodically (corporations issue them quarterly, other companies must issue yearly reports)
  • the balance sheet is a summary of the firm's assets and how they are financed

But the last part was wrong: prediction of the firm's future performance. Accounting doesn't predict anything, it reports past transactions. My accounting professor always referred to accounting records as pictures of the company, they show you how the company was at a certain point in time. Financial statements can even change significantly from the moment that they are prepared (e.g. December 31) until the moment that they are finished (around February-March). No company presents their financial statements on January 2, even individuals are aloud to present their personal tax filing by April.

goldfiish [28.3K]3 years ago
7 0

Answer:

False

Explanation:

Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.

These documents play a pivotal role in a financial institution, thus, not optional.

Cheers

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Decrease control or operating management or supervisory management is the bottom degree of control. It includes frontline supervisors, superintendents, officers, and so forth. The managers at this degree are in direct touch with the operative employees.

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1 year ago
According to hofstede's dimensions of cultural personality, cultures that are __________ are assertive and competitive.
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3 years ago
E10-1 On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was dem
Keith_Richards [23]

Answer:

The amounts that Beldon should capitalize as the cost of the land and the new building is $64,900 and $528,500 respectively

Explanation:

The computations are shown below:

For land:

= Purchase value of the land + Demolition of old building + Legal fees for title investigation of land - Salvaged materials

= $60,000 + $4,500 + $2,500 - $2,100

= $64,900

For building:

= Architect’s fees (for new building) + Construction costs + Interest on construction loan

= $13,000 + $510,000 + $5,500

= $528,500

4 0
3 years ago
General motors’ stand against apartheid in south africa was based upon what came to be known as _____. the human rights moveme
vovikov84 [41]
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5 0
3 years ago
Partial balance sheets and additional information are listed below for Funk Company. Funk Company Partial Balance Sheets as of D
mart [117]

Answer:

$786,100

Explanation:

Funk Company

Accounts receivable $93,500 -$ 89,600

=$3,900

Sales totaled $790,000 - $3,900

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Hence;

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Add Accounts receivable $3,900

Sales revenue $790,000

Therefore the amount of cash received from customers during 2021 will be $786,100

5 0
3 years ago
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