What must prospective financial statements contain?
What will be an ideal response?
Prospective financial statements must contain the following items:
> Sales or gross revenue
> Gross profit or cost of sales
> Unusual or infrequently recurring items
> Provision for income taxes
> Discontinued operations or extraordinary items
> Income from continuing operations
> Net income
> Primary and fully diluted earnings per share
> Significant changes in financial position
> Statement that assumptions are based on current information, with a warning that prospective results my not be achieved
> Summary of significant assumptions
> Summary of significant accounting policies.
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The mechanism that keeps track of the balances owed by individual customers is called a(n) _________________________
Fill in the blank(s) with correct word
Which formula best represents the first step used to allocate an indirect cost to a cost object?
A. Allocation rate divided by total cost to be allocated B. Cost driver divided by total cost to be allocated C. Cost driver divided by allocation rate D. Total cost to be allocated divided by cost driver
A preference scale assigns numerical values to different levels of preference
Indicate whether this statement is true or false.
The bullwhip effect is characterized by:
A) ordering patterns that experience increasing variance as you proceed downstream in the chain. B) ordering patterns that experience increasing variance as you proceed upstream in the chain. C) purchasing patterns that experience increasing variance downstream in the chain. D) purchasing patterns that experience decreasing variance as you proceed upstream in the chain.