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Q. Dependability of information?
Additionally to being relevant information must be reliable to be useful. Information has reliability when it faithfully describes for users what it purports to represent. Therefore accounting information is reliable if users are able to depend on it to reflect the underlying economic activities of the organization. The dependability of information depends on its representational verifiability, faithfulness and neutrality. The information must as well be complete and free of bias.
Pro forma Financial Statements In accounting, a financial statement in which the amounts begin are fully or partially estimates; from the Latin for "as a matter of form."
on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). ap
Q. Responsibility of Senior accountant? As a senior accountant Tracy will be accountable for the day-to-day management of several audit engagements during the year. She will pl
Q. Explain about Money measurement concept? Money measurement concept. Economic activity is primarily recorded and reported in a common financial unit of measure the dollar in
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.
Carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at the lower of cost or market.
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