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Q. What is Timeliness?
The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of information decreases with age. To recognize what the net income for 2010 was in early 2011 is much more useful than receiving this information a year later. If information is to be of any value in decision making it should be available before the decision is made. Otherwise the information is of little value. In determining what constitutes timely information accountants consider the other qualitative characteristics as well as the cost of gathering information. For instance a timely estimate for uncollectible accounts may be more precious than a later verified actual amount. Timeliness alone can't make information relevant however potentially relevant information can be rendered irrelevant by a lack of timeliness.
How to prepare the worksheet Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci
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Unlike a rigid commitment providing where a price is set and a fixed monetary amount is predictable, the underwriter makes its best efforts to sell as many shares as likely at the
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Q. Example of current ratio? The current assets and current liabilities and current ratios of some other companies as of the third quarter of 2001 were As you are able to se
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a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of
Q. What is Passage of title in transpotation? Passage of title is a term that point to the transfer of the legal ownership of goods. Title to the goods usually passes from sell
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