Which principle guideline requires the companys financial statements to have footnotes containing information that is important to users of the financial statement?

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Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements? Financial Accounting

• Historical Principle
• Business Entity
• Accrual Principle
• Adequate disclosure Principle

Answer: Adequate disclosure Principle

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1. Which of the following material events after the reporting period and before the financial statements are approved by the directors should be adjusted for in those financial statements?1-A valuation of property providing evidence of impairment in value at the reporting period2-Sale of inventory held at the end of the reporting period for less than cost3-Discovery of fraud or error affecting the financial statements4 - The insolvency of a customer with a debt owing at the end of the reporting period which is still outstanding

2. If a material event occurs after the reporting date but before the financial statements are authorised for issue outside the organisation, and this event does NOT require adjustment, what information should be disclosed in the financial statements?

3. Providing financial accounting information about economic activities for specified time/accounting periods.. This principle pertains to..

4. Which of the following events between the reporting date and the date the financial statements are authorised for issue must be adjusted in the financial statements?1 Declaration of equity dividends2 Decline in market value of investments3 The announcement of changes in tax rates4 The announcement of a major restructuring

5. Oracle Corporation reports information about pending lawsuits in the notes to its financial statements.

6. Users of accounting information is?

7. Which of the following statements about provisions and contingencies is/are correct?1 -A company should disclose details of the change in carrying amount of a provision from the beginning to the end of the year.2-Contingent assets must be recognized in the financial statements in accordance with the prudence concept.3- Contingent liabilities must be treated as actual liabilities and provided for if it is probable that they will arise.

8. Which TWO of the following events which occur after the reporting date of a company but before the financial statements are authorized for issue are classified as adjusting events in accordance with IAS 10 Events afterthe reporting period?

9. IAS 10 Events after the reporting period regulates the extent to which events after the reporting period should be reflected in financial statements.Which one of the following lists of such events consists only of items that, according to IAS 10, should normally be classified as non-adjusting?

10. Which ONE of the following statements correctly describes how International Financial Reporting Standards (IFRSs) should be used?

11. Which process explains that financial statements are analysed and the results of the analysis are used as a guidance to make decision?

12. What is the main objective of preparing the financial statements?

13. All properties and services acquired by the business must be recorded at their original acquisition cost. This principle pertains to..

14. Which financial statement displays the revenues and expenses of a company for a period of time?

15. If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........

16. Who issues International Financial Reporting Standards?

17. What is the main purpose of financial accounting?

18. It is a measurement of financial position of the company.

19. You want to know the cost of goods sold by the business in a particular period. What is the financial statement that you need to check?

20. You want to know how much cash came out from the business to the suppliers. What is the financial statement that you need to check?

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Which principle guideline requires a company's balance sheet to report its land at the amount the company paid to acquire?

Do GAAP financial statements require footnotes?

Which principle guideline is associated with the assumption that the company will continue on long enough to carry out its objectives and commitments?

Why are footnotes important in financial statements?