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Q. Basic elements of financial statements?
Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third important job in developing a conceptual framework for any discipline is identifying and defining its basic elements. The FASB defined and identified the basic elements of financial statements in Concepts Statement No. 3. Afterwards Concepts Statement No. 6 improved some of the definitions. We defined nearly every one of the terms earlier in this text in a less technical way the more technical definitions follow. These items aren't repeated in this chapter's Key terms.
On January 1, 2012, Lexmark Company's Accounts receivable account had a debit balance of $10,000. During January, 2012, the company billed customers for services in the amount of
Q. Explain about matching principle? The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting
1. Under the FIFO Cost Flow Assumption during a period of inflation, which of the following is false? WHICH OF THE FOLLOWING IS NOT TRUE a. Income tax expenses will be hig
tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
What is the typical time span for long-range plans? A. More than 1 year C. 3-5 years B. 2-3 years D. About 25 years
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
what are the legal distinction between business combination, merger and consolidation
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