Questions from Financial Reporting

Q: Why are notes to statements necessary?

Why are notes to statements necessary?

Q: What are contingent liabilities? Are lawsuit against the firm contingent liabilities

What are contingent liabilities? Are lawsuit against the firm contingent liabilities?

Q: Which of the following events, occurring subsequent to the balance sheet

Which of the following events, occurring subsequent to the balance sheet date, would require a note? a. Major fire in one of the firm’s plants b. Increase in competitor’s advertising c. Purchase of...

Q: Describe a proxy statement.

Describe a proxy statement.

Q: Briefly describe a summary annual report.

Briefly describe a summary annual report.

Q: If a company issues a summary annual report, where can the

If a company issues a summary annual report, where can the more extensive financial information be found?

Q: Comment on the typical number of financial pages in a summary annual

Comment on the typical number of financial pages in a summary annual report as compared to a full annual report.

Q: What are the major sections of a statement of cash flows?

What are the major sections of a statement of cash flows?

Q: Which two principal financial statements explain the difference between two balance sheet

Which two principal financial statements explain the difference between two balance sheet dates? Describe how these financial statements explain the difference between two balance sheet dates.