List 3 (three) main types of financial reports and briefly explain the differences of each of the types of reports.
What will be an ideal response?
Three main types of financial reports are:
Financial statements. The primary purpose of financial statements is to provide information to creditors and owners for decision making.
Tax reports. Tax reports are used when preparing tax forms for filing with the appropriate tax agencies.
Management reports. These reports are used by management of a company to make decisions related to the company's operations.
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The client makes estimates relative to recorded amounts in the financial statements. Which of the following assumptions best represents the auditor's primary focus regarding the reasonableness of such estimates?
a. That historical trends are followed. b. That income is managed. c. That there is an adequate cushion. d. That management reverses estimates when opportune.
________ refers to absorbing new elements into an organization's leadership structure to avert threats to its stability or existence.
A. Coalition B. Contracting C. Smoothing D. Buffering E. Cooptation
Anti-takeover tactics include all EXCEPT
a. staggered board of directors. b. negative tender offers. c. greenmail. d. poison pills.
The four major competitive structures are
A. monopolies, oligopolies, oligopolistic monopolies, and pure competition. B. pure competition, heavy competition, moderate competition, and light competition. C. brand, product, total budget, and generic. D. oligopolies, monopolies, monopolistic competition, and pure competition. E. monopolies, limited competition, oligopolistic competition, and pure competition.