Refer to The Home Depot, Inc., 2012 Financial Statements (for the fiscal year ended February 3, 2013)
Question:
1. Discuss the qualitative characteristics of comparability and understandability in relation to the financial statements presented. In your opinion, do the statements satisfy these two criteria required by the FASB for financial reporting?
2. "Notes to Consolidated Financial Statements" are published along with the financial statements of a fiscal period, offering detailed information on significant accounting policies and financial data. Review the consolidated balance sheets and excerpts from "Notes to Consolidated Financial Statements." Are the company's Merchandise Inventories represented on the balance sheet? Describe the discussion found in Note 1 and the principle addressed by it?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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1 The statements are comparable in that you can compare these resu...View the full answer
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Related Book For 
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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