Answer:
Primarily for the benefit of persons outside of the business organization.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB). The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.
Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. Thus, it includes balance sheet, statement of retained earnings and income statement. The information that are found in a financial statement are revenues, expenses, liability, equity and assets.
Hence, the primary objective of financial accounting is to provide accounting information for external users so as to enable them have a good understanding of the financial inclination of a business firm and thus, make an informed decision whether or not to invest in the business firm.
In Accounting, the external users of a financial accounting information includes customers, creditors, investors shareholders and government regulators.
Answer:
Explanation:
The adjusting entries are shown below:
1. Supplies expense A/c Dr $370
To supplies A/c $370
(Being supplies account is adjusted)
The supplies expense is computed by
= Supplies balance - supplies on hand
= $570 - $200
= $370
2. Insurance expense A/c Dr $190
To Prepaid Insurance $190
(Being prepaid insurance is adjusted)
3. Salaries expense A/c $1,280
To Salaries payable A/c $1,280
(Being salary is adjusted)
The salaries expense is computed by
= Total five days × number of days ÷ total number of days
= $3,200 × (2 ÷ 5)
= $1,280
4. Electricity expense A/c Dr $270
To electricity payable A/c $270
(Being electricity usage is adjusted)
Answer:
Need not make any special disclosure
Explanation:
The reason is that it is not a parent-subsidiary transaction which means if the group as a whole trade with each other then they must add a special disclosure in the financial statement otherwise it must be neglected. The company must not specially disclose small borrowings from the lenders when it is presenting that figure in the financial statement borrowing figures. If the transaction is between the group or the borrowings are prominent it must be disclosed separately in the note to financial statement.
The court did not uphold the injunction because the property on which Mcpherson wants to build the Gas station that belongs to Mcpherson has the right to build a gas station on that so Mcpherson challenged this decision any upper court.
<h3>
What is an Injunction?</h3>
An injunction is a legal order requiring a person or entity to either cease doing or else start doing some specific action or task.
Thus, in this case, Mcpherson can challenge the lower court's decision in the upper court that prevents him from making a gas station on land that belongs to him.
Learn more about Injunction here:
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The correct answer to this open question is the following.
The statement, if true, that would explain the analysts' predictions would be "the Producer Price Index has been steadily increasing over the past few months."
That is what would have been the factor that supports the forecast. Although inflation has been constant at low levels, what changed was the Producer Price Index that is moving up. This factor could modify the results despite inflation is stable at this moment. When inflation is high, it directly affects the price of goods and the consumer.
