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Q. Explain about full disclosure principle?
The full disclosure principle states that information significant enough to influence the decisions of an informed user of the financial statements must be disclosed. Depending on its nature companies must disclose this information either in the financial statements or in notes to the financial statements or else in supplemental statements. In judging whether or not to release information it is better to make a mistake on the side of too much disclosure rather than too little. Many lawsuits against CPAs as well as their clients have resulted from inadequate or misleading disclosure of the underlying facts. We recapitulate the major principles and describe the importance of each.
Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y
Q. Example of retail inventory method? In Exhibit we display the retail inventory method. In the exhibit the costs (USD 22000) as well as retail (USD 40000) amounts for beginni
Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi
Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
Calculate the amount of interest for each of the following independent situations (assume 365 days per year): a)
what is the BRS
on January 1,20x1,A had 200,000 shares of $5 par value common stock outstanding. On January 15 declared a cash dividend of $0.5 a share
Sales taxes and Schedule of accounts receivable Schedule of accounts receivable Accounts Receivable and individual accounts should match. Only accounts which have
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