Ask Question
BusinessBusiness
22 October, 16:27

The format and information contained in one firm's financial statements are most likely to differ drastically from the format and information contained in another firm's financial statements. True or false?

+5
Answers (1)
  1. 22 October, 16:48
    0
    False

    Explanation:

    A financial statement is a document that shows the financial position/strength as well as business activities of a firm, in a structured form and that is easy to understand.

    Just like there are generally accepted accounting principles (GAAP), there are also standard ways of writing financial statements. These means that what is obtainable on the financial statement of firm A is also obtainable on that of firm B. This means the financial statement of both firms can do the same functions in their respective firms.

    Cheers
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The format and information contained in one firm's financial statements are most likely to differ drastically from the format and ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Your friend just opened their first credit card. What advice would you give them before they start making purchases?
Answers (1)
is the term used used to represent the portion of a catastrophic financial loss that must be covered by th insured before the insurance coverage provides any compensation for the loss
Answers (1)
A natural monopoly a. is an example of a government-created barrier. b. exists when a single seller experiences lower average total costs than any potential competitor. c.
Answers (1)
Which of the following statements is true? a) If real interest rates are negative, lenders incur loses. b) If nominal interest rates remain the same and the inflation rate falls, real interest rates increase.
Answers (1)
Bowie Company uses a calendar year and the straight line depreciation method. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015.
Answers (1)
New Questions in Business
At the end of 2016, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140. On January 24, 2017, it is learned that the company's receivable from Madonna Inc.
Answers (1)
United Birdseed is expected to pay the following dividends over the next three years: After year 3, dividends are expected to grow by 5% per year forever. The expected/required return on United Birdseed stock is 10%. What is the stock price?
Answers (1)
Halestorm Corporation's common stock has a beta of 1.13. Assume the risk-free rate is 4.8 percent and the expected return on the market is 12.3 percent. What is the company's cost of equity capita?
Answers (1)
A monopoly creates a deadweight loss to society because it produces less output than the socially efficient level. a. true b. false
Answers (1)
A company sells two products with information as follows: A B Sales price per unit $12 $22 Variable cost per unit $10 $10The products are machine made.
Answers (1)
Home » Business » The format and information contained in one firm's financial statements are most likely to differ drastically from the format and information contained in another firm's financial statements. True or false?
Sign Up Forgot Password?