Vijay has not prepared any financial statements since starting the venture and inquired as to why...

Vijay has not prepared any financial statements since starting the venture and inquired as to why they were necessary? Explain to him the concepts of external and internal users of financial statements and what each user would need the financial statements for? Following the entity change, he would like you to prepare a list of both internal and external users and what their potential interest would be in Financial Statements of FFY? Answer in about 250 words.

Expert Solution

Here there are two lists provided. List One is External Users of Financial Statements and how they use and which type of Decisions they take using financial statements are listed. List Two is Internal Users of Financial Statements and types of decisions , how they use financial statements are listed.

ekkarill92 answered 1 year ago

Vijay has not prepared any financial statements since starting the venture and inquired as to why...

Vijay has not prepared any financial statements since starting the venture and inquired as to why they were necessary? Explain to him the concepts of external and internal users of financial statements and what each user would need the financial statements for? Following the entity change, he would like you to prepare a list of both internal and external users and what their potential interest would be in Financial Statements of FFY? Answer in about 250 words.

Why must the income statement be prepared before any of the other financial statements? Because EPS...

Why must the income statement be prepared before any of the other financial statements? Because EPS has to be reported to shareholders quickly to avoid a drop in stock price Because it is a tradition. Because you need net income to finish other financial statements. Because net income is the most important number in accounting.

In what order must the financial statements be prepared and why must they be prepared in...

In what order must the financial statements be prepared and why must they be prepared in this order? How does the standard order of accounts in the general ledger and in adjusted trial balances facilitate the preparation of financial statements?

Why should consolidated financial statements be prepared? Do they exhibit financial strength of goodwill?

Why do some accounts need to be adjusted before the Financial Statements are prepared?

Why is it required that financial statements are prepared under Generally Accepted Accounting Principles?

Financial statements are prepared in the following order:

Financial statements are prepared in the following order: Income statement, statement of owner's equity, balance sheet Income statement, balance sheet, statement of owner's equity Balance sheet, statement of owner's equity, income statement Statement of owner's equity, balance sheet, income statement

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Vijay has not prepared any financial statements since starting the venture and inquired as to why...

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Vijay has not prepared any financial statements since starting the venture and inquired as to why...

Why must the income statement be prepared before any of the other financial statements? Because EPS...

In what order must the financial statements be prepared and why must they be prepared in...

Why should consolidated financial statements be prepared? Do they exhibit financial strength of goodwill?

Why do some accounts need to be adjusted before the Financial Statements are prepared?

Why is it required that financial statements are prepared under Generally Accepted Accounting Principles?

Financial statements are prepared in the following order:

Please explain in which order the four major financial statements need to be prepared, and why.

Place the financial statements in the order in which they are prepared.

Describe the four financial statements and how they are prepared.