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Devin-statement of financial position,
-statement of profit and loss and other comprehensive income,
- statement of cash flows,
-statement of change in equity,
-Notes to the account
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What types of accounting reports are prepared in conformity with generally accepted accounting principles?
Financial Statements
Managerial accounting reports can be described as?
general purpose
Why do accounting systems of different countries differ?
Accounting systems of different countries differ because accounting is shaped by the environment in which it operates. Each country's accounting system has evolved in response to the local demands for accounting information. Because of globalization of capital markets, the lack of comparability has become a problem as transnational financing and transnational investments have grown rapidly in recent decades. Due to the lack of comparability, a firm may have to explain to investors why its financial position looks very different on financial reports that are based on different accounting practices.
What are the functions of accounting information?
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies.Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge.
What are the different type of ledgers in accounting and its meaning?
what are different types of accounting what are different types of accounting
