Which of the following statements about the primary purpose of financial reporting is the most correct? Financial accounting reports are used primarily by employees to make business decisions related to, B. Share your own to gain free Course Hero access. For fill-in-the-blank questions press or click on the blank space provided. b. e. Financial management is of no value in decision making. Which of the following statements is correct with respect to the auditor's responsibilities relative to the detection of indirect-effect illegal acts? C. Financial accounting reports are primarily prepared to provide information for external decision makers. It uses a top down approach to cost allocation. 3. It might only include a preliminary amount for income tax expense B. 4. Income Statement, also known as the Profit and Loss Statement, reports the company’s financial performance in terms of net profit or loss over a specified period.Income Statement is composed of the following two elements: Income: What the business has earned over a period (e.g. The DRG payment is adjusted for severity. B) The balance sheet lists a firmʹs assets and liabilities. Which of the following statements about financial accounting is correct? Which of the following statements about a flexible budget is most correct? Find the best study resources around, tagged to your specific courses. The CFO typically reports directly to the chief executive officer (CEO). A.The only aspects of a business enterprise of concern to management are financial position and financial performance. 10) Which of the following statements about managerial accounting is CORRECT? A) When all the figures in a balance sheet are stated as percentage of the total, it is termed as horizontal analysis. e. Outpatient revenue percentage, Assume that Goodhealth Clinic has fixed costs of $1,000,000 and a, College level Corporate Finance Class question on calculating, Fair pricing, starting only at $10 per page, Absolutely Free revisions where necessary. We’ve got course-specific notes, study guides, and practice tests along with expert tutors. Which one of the following statements concerning accounting reports is correct? Course Hero is not sponsored or endorsed by any college or university. The number of specialty hospitals has declined over the last three decades. D) The balance sheet reports liabilities on the left-hand side. It might balance even if there is a mistake C. It does not yet include end-of-the-accounting period adjustments D. It is part of the financial statements issued to external decision makers Which of the following statements about the unadjusted trial balance is not correct? asked Jun 6, 2016 in Business by Kiwi_Kurisu A) The income statement reflects the position of a firm as of a single point in time. d. Financial risk management A) NWC is positive for all firms. a. Option c. Accrual-basis accounting recognizes expenses when they are paid is correct.. Which of the following statements about financial accounting is true? A flexible budget uses realized (actual) prices along with all other original (simple) budget assumptions. Question 18 Financial accounting reports are used primarily by management to understand whether a product line should be discontinued. d. When an individual sells his or her stock, the company receives the proceeds from the sale. D. b. Income statement, statement of stockholders' equity, and balance sheet . A) the primary difference between eva and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas eva represents net income before deducting the cost of the equity capital the firm uses. d. Its three major sections are operating costs, nonoperating costs, and total (net) costs. a) cost-benefit constraint b) predictive value c) verifiability d) representational faithfulness i chose A 2) which of the following statements about materiality is not correct?? a. 4. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. B) When financial statements of several years are analyzed, it is termed as vertical analysis. B) As NWC decreases, potential liquidity increases. Which of the following statements is NOT correct about the financial statements? It has several alternative names, including the statement of liabilities. C. A balance sheet reports assets, liabilities, revenues, and expenses. A) The balance sheet provides a snapshot of a firmʹs financial position at a given point in time. C. Once you have made a decision to buy an investment, there is no need for continued evaluation. If you have difficulty answering the following questions, learn more about this topic by reading our Financial Accounting … Wrong! Cost of … Which of the following statements about the use of financial statements is not correct - 00278390 Tutorials for Question of Accounting and Accounting c) Financial accounting reports can influence employee behavior. An income statement reports revenues, expenses, and net income information. b. The statement of stockholders' equity presents common stock, dividends, and retained earnings information. e. All of the above statements are correct. Which of the following statements about hospitals is most correct? A Provides information that can help with decision making. d. The majority of hospitals are public or not for profit (as opposed to investor owned). c. A flexible budget uses realized (actual) supplies costs along with all other original (simple) budget assumptions. B) The auditor has the same responsibility for searching for indirect-effect illegal acts as any other potential misstatement that may occur. c. Payments are increased for patients with very high costs (outliers). c. The optimal size for a hospital is roughly 50 beds. Question 14 It reports the financial status of an organization as of a single point in time. 67. a. c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing of an organization. c. Financial reporting 2. Which of the following statements about finance, accounting, and financial management is most correct? Which of the following statements about financial accounting is correct? 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