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An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liability that may occur if a future event occurs. 4. Is not recorded until the amount is known for certain.
Problem 1: i) Assess the importance of accounting in the Public Sector. ii) How far has the Governmental Accounting Standards Board (GASB) changed financial reporting, ass
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
DEFINITION OF COST ACCOUNTING DEFINITION: as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t
Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the informa
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
A rule in economics and law that says attorney fees must be paid by every party included in litigation - even the party that wins the case. An exception to the American rule can ta
White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i
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