Which of the following is not an objective of financial reporting?
Answer and Explanation:
What is not included in objectives of financial reporting?
The financial reporting does not provide information about liquidation value because it is prepared following the assumption of "going-concern" which tells that the business will not liquidate in the near future.
What are the objective of financial report?
The main objective of financial reporting is to effectively communicate crucial financial information to stakeholders, leading to informed decision-making.
What are the objectives of financial reporting quizlet?
The objective of general-purpose financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity.
Which of the following is not a purpose of financial accounting?
Answer and Explanation:
Financial accounting cannot directly measure the value of any business organization; it can only provide estimates that can be used for estimating the value of the organization in any accounting period.
Which of the following is not an objective of financial planning?
Ensuring excess availability of funds at the right time is not an objective of financial planning.
What are the 4 financial objectives?
The four primary financial objectives of firms are; stability, liquidity, profitability, and efficiency. The profitability objective focuses on generating enough revenue to meet the firms' expenses and the desired profit margin.
Which of the following objectives of financial reporting is the most specific?
The most specific objective of external financial reporting is to provide information about the enterprise's resources, claims to those resources, and how both the resources and claims to resources change over time.
What are the objectives of financial reporting FASB?
The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports.
What are the objectives of financial reporting audit?
The objective of an audit of financial statements is to enable an auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with International Financial Reporting Standards or another identified financial reporting framework.
What are the three objectives of accounting?
- Maintaining systematic financial records. ...
- To estimate and ascertain profits or losses. ...
- Preparing financial reports to assess the financial position. ...
- Auditing of financial reports. ...
- To forecast future payments, expenditures and budgets. ...
- Preparation of budget and cash control.
Which of the following is not function of financial management?
Explanation: because the basic functions of an finance management is to finance,budget and market. forecasting requires from all the sources like production department, sales department and manufacturing department. therefore, forecasting is not a function of finance manager.
Which of the following is not one of the four basic types of financial statements?
Answer and Explanation:
The correct option is (c) Retained earnings statement. So, we can see that options (a), (b) and (d) are part of financial statement but not the retained earnings statement.
Which of the following is not a part of accounting?
Human Resource Accounting is not a branch of accounting.
Which of the following is not included in financial planning?
Cost is not a feature of financial planning as the plan deals with determining the cash flow of the organisation.
Which of the following is a financial objective?
There are six types of financial objectives: revenue objectives, cost objectives, profit objectives, cash flow objectives, investment objectives and capital structure objectives. Financial objectives can be set by both enterprises and individuals. These are called personal financial objectives.
Which of the following are not the objectives of budgeting?
Therefore, to ensure that company continues to grow is not an objective of budgeting process.
What are the financial objectives and non financial objectives?
The main financial objective of many companies is maximizing shareholder wealth, through increased share prices and high dividends, based upon high profits. Non-financial objectives relate to the employee satisfaction, customer satisfaction, corporate social responsibility and so on.
Which of the following is not an example of a financial strategic objective?
Reducing volatile air emissions is not a financial strategic objective, as it relates to environmental sustainability.
What are the three objectives of financial planning?
Determining your future needs in terms of investment, resources, funds. Determining the sources of funds. Managing or utilizing these funds efficiently. Identifying risks and issues in the plan.
What are the three most important financial reports?
The income statement, balance sheet, and statement of cash flows are required financial statements.
Which one of the following is the main objective of financial reporting according to the conceptual framework?
Main Objective of the Conceptual Framework
This central objective is “to provide financial information which is useful to both current and potential providers of resources (investors, lenders, other creditors) in decision-making. “
Which of the following the most important objective for financial accounting is to provide information?
The correct answer is option C.
Provide information significant in making investment and credit decisions.
What is the importance of financial reporting?
Financial reporting allows finance teams and the business to track and analyze cash inflows and outflows to help identify current and future cash flow risks. This ensures the organization has sufficient cash flow to grow the business and take advantage of opportunities when they arise.
What is the 5 objective of accounting?
Explanation: Objectives of accounting in any business are; systematically record transactions, sort and analyzing them, prepare financial statements, assessing the financial position, and aid in decision making with financial data and information about the business.
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