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In California do condo owners have the right to review condo bills and financial statements monthly?
Wiki User
∙ 14y ago
The only answer to your question is to review your governing documents. You should be able to find your answer in the sections that discuss finances.
As well, you may want to review the California Condominium Law, so that you understand your rights.
Informally, you should absolutely have this right. You can contact the property manager, and the board of directors and demand these rights. If you are denied, you can consider hiring an attorney and making a formal request to clarify your rights.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoThe only answer to your question is to review your governing documents. You should be able to find your answer in the sections that discuss finances.
As well, you may want to review the Illinois Condominium Law, so that you understand your rights.
Informally, you should absolutely have this right. You can contact the property manager, and the board of directors and demand these rights. If you are denied, you can consider hiring an attorney and making a formal request to clarify your rights.
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Who are the stakeholders of the financial statements?
Stakeholders of the financial statements are:- Owners:- Shareholders- Management- Suppliers- Customers- Employees- Government- Lenders- Financial institutions (investors)- Society and community
Importance of financial statements for creditors?
Importance of Financial statements are declarations of information in financial terms about an enterprise that are believed to be fair and accurate. They describe certain attributes of the enterprise that are important for decision makers, particularly investors (owners) and creditors.
What are the reasons why business organizations are considered separate from it's owners?
The reason for this assuption is to represent a fair financial statements, that is why personal transactions of the owners should not be included.
The Proprietary Theory vs the Entity Theory?
PROPRIETARY THEORYPROPRIETARY THEORY is where no fundamental distinction is drawn between a legal entity and its owners, i.e. the entity does not exist separately from the owners for accounting purposes. The primary focus is to report information useful to the owners, and therefore the financial statements are prepared from their perspective.ENTITY THEORYENTITY THEORY is where a legal entity is regarded as having a separate existence from the owners. The financial statements are prepared from the perspective of the entity, not its owners.
What are the four financial statements and how do they differ?
Four financial statements: 1 - Income statment 2 - Balance sheet 3 - Cash flow statement 4 - Statement of owners equity income statement shows the income of current period, balance sheet shows overall performance till date, cash flow shows the different streams of cash inflows and outflows and owners equity statement shows the total contribution of owners.
How to record financial statement?
You don't actually record a "financial statement" the financial statements are the documents the company uses to record financial transactions, those includeBalance SheetStatement of Owners EquityStatement of Retained EarningsIncome StatementTrial BalancePost Closing Trial BalanceJust to name a few.
What financial statements show varying capital structures?
Balance sheet shows the varying capital structure in business in owners equity section of balance sheet.
What are the 3 basic financial statements?
Balance Sheet Statement of Income Statement of Shareholders (Owners') Equity Statement of Sources and Applications of Cash (or Funds) Balance Sheet Statement of Income Statement of Shareholders (Owners') Equity Statement of Sources and Applications of Cash (or Funds)
What are the four primary accounting financial statements?
1 - Income statement 2 - Balance sheet 3 - Cash flow statement 4 - Statement of owners equity.
What are two financial statements?
Commonly, financial statements consist of the BALANCE SHEET, INCOME STATEMENT, STATEMENT OF STOCKHOLDERS EQUITY and the CASH FLOW STATEMENT. Different industries and businesses have different names for some of the statements and add to, or use combination of, the forms above. The not-for-profit industry, for example, generally calls the balance sheet the STATEMENT OF FINANCIAL POSITION and the income statement the STATEMENT OF ACTIVITIES. In business and analytical circles, the document containing the auditors report, the collection of applicable statements, and the accompanying notes are collectively referred to as the financial statements. -APMc
What is meant by the concept of neutrality in accounting?
financial statements are not prepared in a way to favor groups of users (managements, owners, creditors ect) over other groups. the information is prepared to be helpful to all
What four general-purpose Financial Statements do business enterprises use?
If I remember this correctly these are Statement of Cash Flows Income Statement Statement of Retained Earnings Balance Sheet
