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What external sources of information used by the client should be considered in the examination of prospective financial statements?
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What role do public accountants play in the examination of financial forecasts and projections?
The accountants who examine such statements must consider whether the sources of information used by the client are sufficient to support the assumptions reflected in the prospective statements.
What internal sources of information must accountants consider in the examination of prospective financial statements?
strategic plans, budgets, contractual agreements, purchase and sale agreements and commitments, intellectual property rights such as copyrights and patents, royalty and commission agreements
What does compilation of prospective financial statements by public accountants involve?
the service of preparing the statements in whole or part from information and significant assumptions provided by the responsible party, usually a member of management
What cost elements of the entity's doing business must be considered in the preparation of prospective financial statements?
payroll and benefits, needed employees, raw materials, products the entity sells, freight or shipping, and advertising.
What factors related to the economy must be considered in the preparation of prospective financial business statements?
What are the economic conditions in the country?What are critical economic trends?Is the economy inflationary, deflationary, or stable?What is the trend with regard to labor availability?
What is the definition of auditing?
Auditing is the examination and evaluation of financial statements to check financial accuracy.
Mission and vision statements of various companies?
The purpose of mission and vision statements of various companies is to show prospective customers what their vales and aims are in so far as to what they promise they can deliver. Most companies will have their mission and vision statements visible on their website.
Only statements that are voluntarily offered by witnesses are admissible in court?
Wrong. If witnesses could only offer voluntary statements, then there would be no need for cross-examination by the opposing side.
What provide the nessary information to determine the liquidity of a company?
finanical statements finanical statements
Can a prospective employer ask you why you left your previous employer?
Employers are NOT restricted in making factual comments on former employers. They are liable only if they make knowingly false statements. Prospective employers can ask about your former job, too.
Impact of finance on financial statements?
Finance are the reason for financial statements. Without financial information, financial statements can't be created. Investors use this information to make decisions about investing in a business.
Statements made by counsel during opening statements may be considered by the jurors as evidence?
Most statements made by counsel can be considered by jurors as evidence. In some cases, the judge will instruct you whether you should listen and consider this as evidence or not.
