External Users How Can Your Role As Essay

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External Users

How can your role as an accountant ensure that the information presented do not include errors and how would you support your claims?

The best way to make certain that all information is correct is to have different facts and calculations double checked. At the same time, the balance sheet will show these transactions in the total figures that are presented. This means that if there are any errors, they can be identified through conducting simple mathematics (i.e. addition, subtraction, multiplication and division). The best way to support any kind of claims is to include the actual documentation with these figures. Then, any possible research reports would be provided to illustrate future projections from these activities. ("Accountant's Guide to Financial Management," 2006)

How can information on past transactions be used to predict future cash flows? Explain.

Past transactions can be utilized to determine the impact of changes in the economy and customer demand on the bottom line results of the firm. These shifts can give actuaries insights about future trends and their effect on the company's free cash flow. This helps managers in providing guidance about future events.

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("Accountant's Guide to Financial Management," 2006)

What are the advantages and disadvantages of the single-step income statement?

The advantages of a single income statement include: they are easy to create, understand and the net income is clearly stated. The drawbacks of this system include: not as much detailed information is communicated and the activities of the firm are harder to understand. (Adams, 2012)

What two types of comparison may external uses make in their financial decision making? Why is knowledge of these comparisons important to accountants?

Two external uses that would improve their financial decision making includes: accurately valuing the price of the common stock / bonds and understanding how the firm is managing its liquid assets. The ability to accurately compare these areas will determine the way the firm will deal with adverse situations (over the short to medium term). ("Accountant's Guide to Financial Management," 2006)

What specific principles must a company apply to the reporting of inventories in it interim financial reports?

When reporting any kind of inventories there….....

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