Perform and interpret basic balance the intrinsic value of the firm using a simple Use information from the financial statements to estimate ersion of the residual income valuation model Refer to the 2013 financial statements of Weis Markets, Inc Concepts The Financial Accounting Standards Board's (FASB) Statement of Concepts No. 8 (CON 8) a. Conceptual Framework for Financial Reporting contains a Chapter entitled, The Objective of General Financial Reporting that discusses users and uses of financial reports. You can download the report from w you follow the menu for Standards and choose Concepts Statements. speculate on who the Weis Markets financial statements and what those users would like to know about the company. Are there financial statement users outside of those listed in OB2 of CON 8? How are their needs met by Weis Markets' general purpose financial statements? ii. For users interested in assessing the financial performance of an enterprise, which basis of accounting, accrual-basis or cash-basis, generally provides a better measure of current period performance? Why? Does Weis Markets use accrual-basis or cash-basis accounting? How can you tell? iii. Financial statements are normally prepared under the assumption that the entity is a going concern. Explain what is meant by a "going concern" and how that assumption affects figures on the Weis Markets financial statements. b. Chapter 3 of FASB Statement of Concepts No. 8 is entitled, Qualitative Characteristics of Useful Financial Information. It identifies attributes of financial reporting that enhance its usefulness. The primary qualities are that financial information be relevant and representationally faithful. Paragraph 6 states "Relevant financial information is capable of making a difference in the decisions made by users." to say, "Financial information in Perform and interpret basic balance the intrinsic value of the firm using a simple Use information from the financial statements to estimate ersion of the residual income valuation model Refer to the 2013 financial statements of Weis Markets, Inc Concepts The Financial Accounting Standards Board's (FASB) Statement of Concepts No. 8 (CON 8) a. Conceptual Framework for Financial Reporting contains a Chapter entitled, The Objective of General Financial Reporting that discusses users and uses of financial reports. You can download the report from w you follow the menu for Standards and choose Concepts Statements. speculate on who the Weis Markets financial statements and what those users would like to know about the company. Are there financial statement users outside of those listed in OB2 of CON 8? How are their needs met by Weis Markets' general purpose financial statements? ii. For users interested in assessing the financial performance of an enterprise, which basis of accounting, accrual-basis or cash-basis, generally provides a better measure of current period performance? Why? Does Weis Markets use accrual-basis or cash-basis accounting? How can you tell? iii. Financial statements are normally prepared under the assumption that the entity is a going concern. Explain what is meant by a "going concern" and how that assumption affects figures on the Weis Markets financial statements. b. Chapter 3 of FASB Statement of Concepts No. 8 is entitled, Qualitative Characteristics of Useful Financial Information. It identifies attributes of financial reporting that enhance its usefulness. The primary qualities are that financial information be relevant and representationally faithful. Paragraph 6 states "Relevant financial information is capable of making a difference in the decisions made by users." to say, "Financial information in
