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Wiley - Chapter 4: Income Statement and Related Information

Wiley - Chapter 4: Income Statement and Related Information

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Published by Ivan Bliminse
Intermediate Accounting, 13th Edition,
Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Intermediate Accounting, 13th Edition,
Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Published by: Ivan Bliminse on Nov 16, 2012
Copyright:Attribution Non-commercial

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12/17/2013

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Chapter4-1
Income Statement and Related Information 
Chapter
4
 
Chapter4-2
RelevanceEvaluate past performance (feedback).Predicting future performance.Help assess the risk or uncertainty of achievingfuture cash flows. (conceptual frameworkobjective)
Income Statement Usefulness 
 
Chapter4-3
Faithful RepresentationCompanies omit items that cannot bemeasured reliably.Allowing choice/discretion can help but is notalways goodIncome is affected by the accountingmethods employed and judgments ofmanagers.
Income Statement Limitations 

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