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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.
Powers of trustee (A) Of his own initiative, he may: 1. Sell and transfer any part of the bankrupt's property; 2. Gives receipts for money received; 3. Take all n
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Lower of Cost or Market - Valuing ASSETS for financial reporting purposes. Normally‘cost' is the purchase price of the asset and ‘market' refers to its current replacement cost. GE
the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?
wrote check to purchase law books for 2500 what 2 accounts
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
Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013: 1. Unrealized
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Assessment Criteria: Student work will generally be assessed in terms of the following criteria: 1. Preparation of correct journal entries. 2. Accumulation of journal entr
Potential advantages to BNM Narrative reporting will enable BNM to provide information about social, economic and environmental policies. Many users are influenced by an entit
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