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What is Time orientation
Financial accounting reports reflect position and performance of business for the past period. Essentially, they are backward looking. Management accounting reports, instead, often provide information concerning future performance and past performance. It's an oversimplification, though, to suggest that financial accounting reports never incorporate expectations concerning the future. Sometimes, businesses would release projected information to other users in an attempt to raise capital or to fight off unwanted takeover bids. Even preparation of routine financial accounting reports mainly requires making some judgements about the future.
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“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
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Q. Last-in first-out inventory? LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first
What is the end-of-period worksheet Show Trial Balance-debits MUST EQUAL credits Show Adjustments-debits MUST EQUAL credits Carry adjustments forward to Adjusted Trial Ba
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Q. Show Timing of expense recognition? The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite ex
A Bank reconciliation manipulates cross verifying the entries in the cash book(bank balance)with that of pass book. Mostly the reasons for disagreement of cash book with that of
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Other than the Parsimonious forecasting approach, what other financial forecasting approaches are there? Other than the Parsimonious forecasting approach, there are a number of oth
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