Is it breaking even How much debt does it have The statements are used by

Is it breaking even how much debt does it have the

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Is it breaking even?How much debt does it have? Identify the role of generally accepted accounting principles (GAAP) in determining financial statement content and how companies ensure the accuracy of their financial statements.
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Describe the objective of financial reporting, the elements of the balance sheet, and the related key accounting assumptions and principles. Financial Reporting Disclosure of financial results and related information to management and external stakeholders (e.g., investors, customers, regulators) about how a company is performing over a specific period of time Elements of the Balance Sheet Assets Economic resources with probable future benefits, owned or controlled by the entity as a result of past transactions Liabilities Probably debts or obligations (claims to a company's resources) that result from a company’s past transactions and will be paid with assets or services Entities that a company owes money to are creditors Stockholders’ Equity The financing provided by the owners and business operations Key Assumptions and Principles Recognition, Measurement, and Disclosure Concepts Assumptions Separate Entity: business transactions are separated from the owners. Personal expenses of owners are separated Going Concern: business will last forever Monetary Unit: use monetary unit of country they are in Time Period: long life of company can be reported in shorter period Principles Cost (Historical Cost): assets need to be recorded at date of the transaction Revenue Recognition and Expense Recognition Full Disclosure: report all necessary information about their financial
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