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Enumerate the characteristics of accounting information
Qualities, or characteristics, which have just been depicted would help us to decide whether accounting information is potentially useful. If a specific piece of information has these qualities then it may be useful. Though, this doesn't automatically mean that it must be reported to users. We also have to determine whether information is material, or significant. This means that we must ask whether its misrepresentation or omission in the accounting reports would really alter the decisions which users make. Hence, in addition to possessing characteristics mentioned above, accounting information should also cross the threshold of materiality. If information isn't regarded as material, it must not be included within the reports as it would simply clutter them up and, possibly, interfere with the users' ability to interpret financial results. Type of information and amounts involved will generally conclude whether it is material.
Gomez incurred $350,000 of research and development costs to develop a product for which a patent was granted on January 2, 2008. Legal fees and other costs associated with the reg
Q. A ltd. Company has equity share capital of Rs. 5,00,000 divided into shares of Rs. 100 each. It wishes to gain further Rs. 3,00,000 for expansion cum modernization plans. The co
Alta Velocidad Esperanza de L'Argentina, Sociedad Anónima (AVE), a high-speed railway operator domiciled in Rio Norte, Argentina, is a Foreign Private Issuer as defined by the U.S.
Effect of discharge An order of discharge releases the bankrupt from all disabilities imposed by the bankruptcy (except those which apply for a fixed period after discharge - s
How the value of information received by decision maker How the value of information received by decision maker eventually begins to decline. This is, maybe, since additional i
Dividends During the year, the company paid a dividend of Sh.2 per share on the ordinary share s outstanding and Sh.1 on the preference shares outstanding. The company is now pr
Day Corporation purchased a patent on January 1, 2012 for $360,000. The patent had a useful life of 10 years at that date. In January of 2013, Day successfully defends the patent a
A summary of management oriented activity ratio are specified below. It describes the ratios and also their major purposes. Activity Ratios (Secondary Group) The numer
Resulting trusts Resulting trusts occur where equity regards the property which is held by a trustee as belonging in equity to the person who transferred it to, or caused it to
Q. What do you mean by Re - organization? Reorganization - This is a change in businesses capital arrangements. If for a CORPORATION there are 7 statutory options for reorganiz
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