QuickHelper

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About QuickHelper

Levels Tought:
Elementary,High School,College,University,PHD

Expertise:
Accounting,Applied Sciences See all
Accounting,Applied Sciences,Business & Finance,Chemistry,Engineering,Health & Medical Hide all
Teaching Since: May 2017
Last Sign in: 353 Weeks Ago, 3 Days Ago
Questions Answered: 20103
Tutorials Posted: 20155

Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Accounting Posted 24 May 2017 My Price 13.00

Financial Accounting Data and Types of Users

Question description

 

Scenario

The new accounting clerks are beginning to gather information to complete financial statements. The accountants will first need to understand what type of information will be needed from the source documents and how these documents tie to financial statements. Before they can do so, they must fully understand who will potentially be reviewing the company’s financials and what type of information may be included. For this task, answer the following questions:

  • Why do the users of financial statements require information to be accurate and free from any material errors?
  • What are some problems that might occur if users of financial statements rely on inaccurate statements?
  • Why is it important for users of financial statements to understand the generally accepted accounting principles (GAAP)?
  • Explain the purpose and objective of source documents.

Deliverable Length: 2–3 pages, excluding title and reference pages

Answers

QuickHelper
(10)
Status NEW Posted 24 May 2017 01:05 PM My Price 13.00

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