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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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ad-work [718]

Answer:

Advocating

Explanation:

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How does your new budget help you to meet your long-term goal of saving for college?
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Answer:

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Explanation:

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2 years ago
What does reliability ensure? A. The system has the ability to operate in many different operating systems B. The system is easy
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Answer:

C. The system is functioning correctly and providing accurate information

Explanation:

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5 0
3 years ago
What is Social responsibilities in business
Artemon [7]

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8 0
3 years ago
Assuming Digby’s current market share for its Drat product remains the same, how many units of Drat should Digby expect to sell
marshall27 [118]

Available Options Are:

A. 401 units

B. 294 units

C. 441 units

D. 305 units

Answer:

Option C. 441 Units

Explanation:

The first thing would be to analyze the situation. It is crystal clear in the Accessibility Elite table that the accessibility of Digby products are 2nd largest among the rival companies.

Now we will look at whether the company has taken advantage of its second largest accessibility position or not. This can be seen in Actual Vs Potential Market Share table. The units produced were sold in the year which means that the accessibility of the product is even more than its rivals as the market share captured in the year by Digby is above 40%. This means that their is an increased demand for Digby's Product. This can also be seen by segment growth rate in the Elite Statistics (Top Left Corner) which is anticipated to be at 16%.

All these things says that Digby must produce as much as possible, hence quantity would be a greater number.

3 0
2 years ago
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