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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.
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is accounting is an art or science
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Scott Manufacturing Co.'s static budget at 10,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 12,000 un
The Dividends account increases (debited) as well as an asset cash decreases (credited) by USD 3000. Transaction 15 brings to a close the analysis of the Micro Train Company transa
Treasurer: He is the custodian arid manager of each cash and near-cash resources of the firm. The treasurer arranges credit reviews and sets policy for collecting receivables as d
briefly explain the accounting concepts which guide the accountant at the recording stage
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.
A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
One or more phases in the operation cannot supply all the items it makes concurrently.
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