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Q. Define the accounting process ?
The accounting process offers financial data for a broad range of individuals whose objectives in studying the data vary widely. Bank officials for instance it may study a company's financial statements to evaluate the company's ability to repay a loan. Prospective investors may perhaps compare accounting data from several companies to decide which company represents the best investment. Accounting as well supplies management with significant financial data useful for decision making.
Reliable information is essential before decision makers can make a sound decision involving the allocation of scarce resources. Accounting information is precious because decision makers are able to use it to evaluate the financial consequences of various alternatives. Accountants eliminate the requirements for a crystal ball to estimate the future. They are able to reduce uncertainty by using professional judgment to quantify the future financial impact of taking action or delaying action.
Upper D minus Mobile Wireless needed additional capital to? expand, so the business incorporated. The charter from the state of Georgia authorizes Upper D minus Mobile to issue
The Olympic Company has an accounts receivable balance at December 31, 2010 of $159,548.00. The existing balance in the Allowance for Uncollectible Accounts was a credit of $2,563
The past of accounting specifies the evolutionary pattern that reflects changing socioecoiom conditions and the enlarged reasons is that accounting is applied. In the current co
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. Illustrate the Financial accounting process? In this section we describe the accounting equation as the framework for the entire accounting process. Then we demonstrate you
Financial statements Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting per
Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
Q. Misstatement of accounting information? The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surroun
what is the BRS
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