Chapter 13

Question 1

What is financial reporting

Answer 1

standardized practice that provides external stakeholders with accurate depiction of the company financial situation

Question 2

What are the two key financial reporting roles

Answer 2

CFO : oversee all financing related activities
The Controller : Focuses specifically on accounting processes

Question 3

Explain consolidated reporting requirement

Answer 3

The financial statement of a company that has multiple division or subsidiaries

Question 4

What is chart of accounts

Answer 4

Classification scheme to organize the financial data and summarize the financial measurement of liabilities, assets and owner’s equity

Question 5

What are the steps during the repoting periods

Answer 5

Step 1: Identify the accounting transactions
Step 2: Journalize the accounting transactions
Step 3: Post journal entries to ledgers

Question 6

Whats are the step that can occur at the end of the reporting

Answer 6

Step 4: Prepare an unadjusted trial balance
Step 5: Enter adjusting entries in the general journal and
post them to the general ledger
Step 6: Prepare an adjusted trial balance
Step 7: Prepare financial statements

Question 7

What are the final step which happen at the end of fiscal year

Answer 7

Step 8: Prepare closing journal entries and post to the
general ledger
Step 9: Prepare a post-closing trial balance

Question 8

do the reporting processing flowchart

Answer 8

powerpoint

Question 9

What are some accounting Policies and Procedure control activites

Answer 9

Make the current version of policies and procedures available to users
Review , authorize and document changes to policies and procedures
Implement changes to policies and procedures in a timely manners
Ensure that the policies and procedures are follow ate all time

These are all doneby the controller

Question 10

Whats are broad financial reporting risk and control activities

Answer 10

Use reporting schedule ,monthly ,quarterly and annual
Verify journal entries posted in the genera ledger
review and resolve error reports during the correct reporting period

Question 11

Explain XBRL

Answer 11

is an open standard markup language for business info for electronic financial reporting

Question 12

Whats the XBRL tagging process

Answer 12

associates the concepts in the taxonomy to pieces of data the electronic distribution, interpretation, extraction and analysis of data easier

Question 13

Explain responsiblity accounting

Answer 13

to trace performance to responsible department or manager to improve accountability

Question 14

Whats balanced scorecard

Answer 14

internal assessment and reporting process that ties a measurement system to an organization strategic plan

Question 15

What are the four tradition measure for blanced perspective

Answer 15

Financial
Customer relationships
Internal business process
Learning and growth