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Define the term Relevance - accounting information
Accounting information should have the ability to influence decisions. Except this characteristic is present, there is actually no point in producing the information. Information may be relevant to prediction of future events (for instance, in predicting how much profit is likely to be earned subsequent year) or relevant in helping to confirm past events (for instance, in establishing how much profit was earned last year). Role of accounting in confirming past events is significant since users often wish to check the accuracy of earlier predictions that they have made. Accuracy (or inaccuracy) of earlier predictions may help users to judge the accuracy of current predictions. To influence a decision, information should, of course, be available when decision is being made. Hence, relevant information should be timely.
By classifying by function Under this format, the expenses of the company are classified into 5 major categories i.e. Cost of sales [(opening stock + purchases – closing st
The economy of Cotai contains 2000 $1 bills. (a) If people hold all money as currency, what is the quantity of money? (b) If people hold all money as demand deposits and bank
Richard Company had 102,000 shares of $5 par value common stock issued and outstanding before repurchasing 10,200 shares for $76,500. Richard had received $2,040,000 cash from shar
The John Company maintains a checking account at the Bank of the Cumberland. The bank provides a bank statement along with canceled checks on the last day of each month. The Octobe
DO ACCOUNTANTS EVER REALLY MAKE IMPORTANT DESIONS?
Craig's Cars has assets of $4,550 and stockholders' equity of $3,200. What is the amount of liabilities? What is the amount of claims?
Q. Net present value evaluation of proposed investment? WORKINGS Fixed costs = 4·50 × 100000 = $450000 per year Annual writing down allowance = 3000000/10 = $300000
For a capital lease the lessee records the lease payments as rent expense, but for an operating lease the lessee reports the lease payments as depreciation expense For an operating
profit margin 2.5%, equity multiplier 2.0,sales $50000, common equity $25000.compute return on common equity.
Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the
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