THE OBJECTIVES OF FINANCIAL STATEMENTS AND THERE USEFULNESS TO THE GENERAL USER GROUPS

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ABSTRACT

There is a global confusion and misconception in identifying the objectives of financial statement and their usefulness to the general user groups in an office.  Some accountant appear not to be aware of the objectives of financial statement in the execution of their accounting duties.

Many bodies and individuals like “R. J. Chambers, David Alexander and the National Association of Accountants” had accentuated on the objectives of financial statements in an organization long before I intended to carry out a survey of my own on the same issue.

It is on this background, that I therefore, conducted a research with a view of appraising, vindicating, exposing and making clearer the objectives of financial statements of accounting in the mounding office activities, and there usefulness to the general user groups in particular.

This research work will therefore throw some light on the many years old confusion and controversial issues on.  What the financial statement is, its objectives and usefulness to the user groups.

 

TABLE OF CONTENT

CHAPTER ONE

• INTRODUCTION 1

1.1     OBJECTIVES OF THE STUDY                             2

• SIGNIFICANCE OF THE STUDY 3
• LIMITATIONS OF THE STUDY 4
• DEFINITION OF TERMS 4

CHAPTER TWO

• LITERATURE REVIEW 7

2.1    OBJECTIVE OF FINANCIAL STATEMENT         7

• USERS OF FINANCIAL STATEMENT 8
• TYPES OF INFORMATION’S REQUIRED BY USERS OF FINANCIAL STATEMENTS
• CHARACTERISTICS OF USEFUL INFORMATION11
• USEFULNESS OF FINANCIAL STATEMENT TO GENERAL USER GROUPS

CHAPTER THREE

• SUMMARY OF FINDINGS 16

3.1      CONCLUSION                                                      17

• RECOMMENDATION 18

BIBLIOGRAPHY                                                   20

 

 

 

CHAPTER ONE

• INTRODUCTION

Percentage analysis and ratio analysis was developed to provide an efficient

Means by which a statement user can identify the important relationship between items in the same statement and trend in financial data.  Percentages and ratios simplify the evaluation of financial conditions and past operating performance.

The information is used  primarily to forecast a firm’s ability to pay its debts when due and to operate at a satisfactory profit level.  However, because the analytical techniques are almost limitless – and so are the user’s special interests and objectives – the choice of proper ratios and percentages must fit their purpose.  For example, some users of financial statements are concerned with evaluating the firm’s ability to meet its current obligations and still have sufficient cash left to carry out its other activities.  In other words, they are concerned about the firm’s liquidity.  The focus of this type of investigation is generally on the firm’s current assets and current liabilities.

Other users, such as long-term creditors and stockholders, are also concerned with the firm’s liquidity but, in addition, are interested in a firm’s ability to pay its long-term obligations.  This aspect of the analysis is concerned with the solvency of the firm.  In a solvency analysis, the statement user assesses the financial structure of the firm and its prospects for operating at an earnings level adequate to provide sufficient cash for the payment of interests, dividends and debt principal.

• OBJECTIVES OF THE STUDY

The aim of embarking on this study is:

1. To identify the objectives of financial statements