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Accounting policies
Accounting policies are the specific assumptions, bases, principles and practices that are adopted by firms in preparing financial statements. The standard requires that companies follow the policies consistently from one financial period to the next.A company should be guided by accounting standards or the current practices in choosing and applying accounting policies. The standard allows firms to change their accounting policies when;
When a company changes its policies, then the change should be accounted for respectively i.e. the previously reported financial statements should be adjusted/restated to reflect the new policy for comparison purposes.
Annulment of order The order may be annulled if In the opinion of the court the debtor ought not to have been adjudicated bankrupt; All the debts have been paid in fu
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Interest on Zeroes: Tesla Corporation needs to raise funds to finance a plant expansion, and it has decided to issue 25-year zero coupon bonds to raise the money. The required
Illustration of Pre-Aquisition H Ltd.. Acquired 80% of S Ltd. during the year ended 31/12/04. S Ltd. paid an interim dividend of 40,000 on 30th September and as at 31/12/04 h
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A company purchased 16 million shares (representing an 80% controlling interest) in another company on 1 July 2010. The terms of the purchase were as follows: 1 share in
How useful is accounting information? No one would seriously claim that accounting information fully meets all of the needs of every various user groups. Accounting is still a
Problems due to Piecemeal realizations These interim distributions give rise to two problems: Partners have not always contributed capitals in the same ratio as that in w
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