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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.
Q. What is Bequest? Bequest - A gift by will of personal property. If bequest is money to the extent it's paid out ofincome from property it is taxable to the recipient. Normal
March and has already accumulated $30,000 in manufacturing costs, Job B and order for 10,000silver medallions, was not started until April. Transactions for these jobs are the foll
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Qualified Opinion - AUDIT opinion which states, except for effect of a matter to which a qualification relates, FINANCIAL STATEMENTS are fairly presented in accordance with GENERAL
Illustrations of retained profits brought forward H Ltd acquired 75% of the ordinary shares of S Ltd since S Ltd was incorporated. The Summarized income statement for the two c
I need help with a mini accounting project. Here is a link to the questions I need to be answered. Read the questions and instructions and if you think you can complete the case wi
Content of accounts Periodical accounts should normally consist of: 1. Balance sheet of the whole trust; 2. Capital account; 3. Income account
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a
In January, 2008, Sanford Corporation purchased a patent for a new product for $1,200,000. The patent was valid for fifteen years but it was estimated to have a useful life of ten
Uncertainty A gift or disposition not expressive of any definite intention shall be void for uncertainty, i.e A gift under a will fails where there is uncertainty as to:
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