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State the Economic benefit of having accounting information
Economic benefit of having accounting information is even harder to assess. It's possible to implement some 'science' to problem of weighing the costs and benefits however a lot of subjective judgement is likely to be involved. No one would seriously advocate that typical business must produce no accounting information. At the same instance, no one would advocate that each item of information that could be seen as possessing one or more of key characteristics must be produced, irrespective of cost of producing it. Characteristics which influence the usefulness of accounting information and which have been discussed in this section are set out in Figure below.
Change in profit sharing ratio When there is a change in profit sharing ratio, it means that some of the partners will get higher profits based on the new ratios in the future wh
Absorption costing is a cost accounting method that tries to charge all direct costs and all production costs of an organization to specific units of pr
Completely and incompletely constituted trusts In all cases the trust must be completely constituted. A trust is completely constituted when the trust property has been vested
Q. What do you mean by suspense account? How are errors in accounting classified? Suspense account: A suspense account is an account, which is opened when the trail balance does
Given the information that follows, draw a cash budget for the XYZ Store for the first six months of 2012. Every prices and costs remain constant. Sales are 80% for credit
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Q. What is Credit Analysis? Potential credit customers must be carefully screened using such methods as bank references, trade references, credit reports from credit reference
INTRA COMPANY ADJUSTMENTS In preparing the consolidated balance sheet, the following items may require adjustments:. 1 Goodwill 2 Unrealized profit on closing inventory 3
list and explain the stages where the errors are deducted for rectification.
Q. Explain briefly the role of computers in accounting? Computers can be used as accounting machines and perform all the functions which accounting machines perform. Some of th
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