Question

Why must organizations disclose their accounting policies in the notes to the financial statements?

Why must organizations disclose their accounting policies in the notes to the financial statements?

Homework Answers

Answer #1

Please rate it at the end thank you so much

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The notes to the financial statements: A. are not an integral part of the financial statements....
The notes to the financial statements: A. are not an integral part of the financial statements. B. explain the significant accounting policies of the company. C. usually disclose the amount of the company's bad debts expense. D. describe management's product development plans for the coming year.
The notes to the financial statements of a state or local government disclose information on the...
The notes to the financial statements of a state or local government disclose information on the primary government’s Governmental activities Business-type activities Major funds in the aggregate a. II and III. b. I, II, and III. c. I and III. d. I and II.
(a) Does U.S. GAAP require that companies disclose their accounting policies? Explain. (b) Does IFRS require...
(a) Does U.S. GAAP require that companies disclose their accounting policies? Explain. (b) Does IFRS require that companies disclose their accounting policies? Explain.
A company will disclose the inventory valuation method In a summary of significant accounting policies footnote...
A company will disclose the inventory valuation method In a summary of significant accounting policies footnote In a separate footnote for other noteworthy items In a subsequent events footnote On the face of the balance sheet
In the accounting world, financial statements must be prepared a certain way. Many people rely on...
In the accounting world, financial statements must be prepared a certain way. Many people rely on the accuracy of these statements, both internally to the company and externally. Why do you think its so important for financial statements to be prepared a certain way?
Short Exam Q1. In the preparation of fund financial statements why the notes to financial statements...
Short Exam Q1. In the preparation of fund financial statements why the notes to financial statements are interesting?(2.5 marks) Q2. Describe briefly the role of the following agencies:(4.5 marks) Office of Management and Budget (OMB) Treasury General Accountability Office (GAO) Q3. What is the difference between earmarked funds and nonearmarked funds
Discuss the differences between financial and managerial accounting. What types of financial statements are used by...
Discuss the differences between financial and managerial accounting. What types of financial statements are used by business organizations?
1.) Explain why the notes are an integral part of the financial statements 2.) Explain why...
1.) Explain why the notes are an integral part of the financial statements 2.) Explain why the characteristics of comparability and consistency are important in financial reporting 3.) Explain the differences between accounts payable, short-term debt, current maturities of long-term debt, accrued liabilities and unearned revenue.
What is the basis of accounting for hospitals and other health care organizations? What organizations are...
What is the basis of accounting for hospitals and other health care organizations? What organizations are responsible for setting Category A GAAP? What are the components of the equity section of the financial statements for the following types of organizations: Not-for-profit, Business-Oriented Organizations Investor-Owned Health Care Enterprises Government Health Care Organizations
Spend a few paragraphs discussing where to disclose sustainability reporting in audited financial statements (e.g., in...
Spend a few paragraphs discussing where to disclose sustainability reporting in audited financial statements (e.g., in a specific footnote) or in standalone sustainability reports?