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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.
what is the implication of applying accounting concepts wrongly
Q. Redemption of debt? Equity finance is permanent capital that doesn't need to be redeemed while debt finance will need to be redeemed at some future date. Redeeming a huge am
Application Information The application must include information as to: The full name of the deceased; The death and place of his death; Whether or not the decease
Rescission of receiving order The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in
#questionBroadway Scripts is a service-type enterprise in the entertainment field, and its manager, Joe Numbers, has only a limited knowledge of accounting. Joe prepared the follo
CarloffCremes (CC) planned to sell 40,000 Queen size at $20 each and 20,000 King size at $15 each. Actual sales of the former were 45,000 and 25,000 of the latter, at $19 and $16 r
INTER-COMPANY TRANSACTIONS AND BALANCES As the associate company is not consolidated, care should be taken when there are trading transactions and inter-company balances between
ASSOCIATE COMPANIES (IAS 28) An associate company is a company in which the investing company owns more than 20% but less than 50% of the voting rights. This means that the inve
write a short note of concept and convention
The standard EOQ analysis is depends on the assumption which the price per unit keeps constant irrespective of the size of the order. While quantity discounts are obtainable, that
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