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 1LO1).

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

Explain the concept and purpose of a classified balance sheet and prepare the statement. (Module2LO3).

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

Description

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 1LO1).

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

Explain the concept and purpose of a classified balance sheet and prepare the statement. (Module2LO3).

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

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

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

Identify the components of the statement of retained earnings and prepare the statement. (Module3LO7).

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

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

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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