ACG 2021 ACG2021 StudyGuide – Chapter 2 – Everest College

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ACG 2021 ACG2021 StudyGuide – Chapter 2 – Everest College

Chapter 2

Financial Statements and the Annual ReportA

fter studying this chapter, students should be able to:

Describe the objectives of financial reporting. (Module 1–LO1).

Describe the qualitative characteristics of accounting information. (Module 1–LO2).

Explain the concept and purpose of a classified balance sheet and prepare the statement. (Module2–LO3).

Use a classified balance sheet to analyze a company’s financial position. (Module 2–LO4).

Explain the difference between a single-step and a multiple-step income statement and prepareeach type of income statement. (Module 3–LO5).

Use a multiple-step income statement toanalyze a company’s operations. (Module 3–LO6).

Identify the components of the statement of retained earnings and prepare the statement. (Module3–LO7).

Identify the components of the statement of cash flows and prepare the statement. (Module 3–LO8).

Read and use the financial statements and other elements in the annual report of a publicly heldcompany. (Module 4–LO9).

MODULE 1

FINANCIAL REPORTING OBJECTIVES AND CHARACTERISTICS OF USEFUL INFORMATION Module 1  LO 1

Financial Reporting Objectives and Characteristics of Useful Information

Financial reporting has one overriding objective: to provide useful information to those who must makefinancial decisions.

To external users, the financial statements and the notes and other information found in the annualreport are the key sources of information needed to make their business decisions.

Balance sheet shows what obligations are due in near future and what assets are available tosatisfy them.

Income statement shows revenue and expenses for a period of time.

Statement of cash flows shows where cash came from and how it was used during the period.

Notes provide essential details about accounting policies and other key factors that affect thecompany’s financial condition and performance.

In preparing the financial statements, accountants must consider:

The objectives of financial reporting.

The characteristics that make accounting information useful.

The most useful way to display the information in the financial statements.

Financial information users are the main reason financial statements are prepared.

They must make economic decisions based on these statements.

Financial reporting has one overall objective and a set of related objectives, all concerned withhow the information may be most useful to the readers.

The overall objective of financial reporting is to provide financial information to permit externalusers of the information to make informed decisions on whether to provide resources to the company

Users include management of a company (internal users) and others not involved in the dailyoperations of the business (external users)

ACG 2021 ACG2021 StudyGuide – Chapter 2 – Everest College

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