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Enumerate the characteristics of accounting information
Qualities, or characteristics, which have just been depicted would help us to decide whether accounting information is potentially useful. If a specific piece of information has these qualities then it may be useful. Though, this doesn't automatically mean that it must be reported to users. We also have to determine whether information is material, or significant. This means that we must ask whether its misrepresentation or omission in the accounting reports would really alter the decisions which users make. Hence, in addition to possessing characteristics mentioned above, accounting information should also cross the threshold of materiality. If information isn't regarded as material, it must not be included within the reports as it would simply clutter them up and, possibly, interfere with the users' ability to interpret financial results. Type of information and amounts involved will generally conclude whether it is material.
Illustration of Retirement of a partner A, B and C have been trading as equal partners having capital contributions of £500,000 and £400,000 and £300,000 respectively as at 1st
Calculate the Net Present Value of the Investment XYZ Ltd is a manufacturer of household goods located in Ang Mo Ko. They presently make and wholesale fruit juicers, blenders
1.Which of the following is true? A. Land is depreciated using the straight line depreciation method B. Land is amortized using the declining balance method C. Land is depleted usi
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The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2011, the
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