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Nicole Kumar
Nicole Kumar, Research Chemist/Legal Studies
Category: Homework
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When reviewing a financial report, why should information be

Customer Question

When reviewing a financial report, why should information be reliable, relevant, consistent, and comparable? In other words, why are these accounting characteristics important? What kinds of problems could be created if a financial report is not reliable, relevant, consistent, or comparable?
Submitted: 5 years ago.
Category: Homework
Expert:  Nicole Kumar replied 5 years ago.
In order to answer the question you need to understand what parts of a financial report are absolutely necessary. They are:

an income statement, a balance sheet, a liabilities sheet, shareholder's equity, and a cash flow statement

These are the bare minimum necessary for a business to keep their finances in order.

These items are needed to provide information on the strength, performance and changes in the financial position of a company. This helps to make economic decisions on continued operations. They must be reliable and consistent in order to make wise and accurate choices for the company. Also, these reports are used for auditing purposes with the government and for paying taxes. If they are not reliable a business could get audited and fined and possibly closed down if the discrepancy is large enough. A business could lose so much money if they are not aware of their deficiencies that they could be forced into bankruptcy. General Accepted Accounting Procedures (GAAP) must be followed when keeping financial books. This is regulated by the state and the government.

Hawthorn, J.A. (1999). A Presentation of Financial Statements

Let me know if you have further questions. Only if you are satisfied with my answer, then hit the green button.
Expert:  Nicole Kumar replied 5 years ago.
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Customer: replied 5 years ago.

don't needed after all

 

Expert:  Nicole Kumar replied 5 years ago.
Thanks for the information.

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