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Q. Explain about Financial Accounting Standards?
Financial Accounting Standards - Official promulgations, also called STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS, by FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) which are part of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) in the U.S.
Assignments of book debts The trustee can set aside an assignment of existing or future book debts, whether absolute or by way of charge, unless the assignment was registered a
What are the Advantage of limited liability Advantage of limited liability, though, imposes certain obligations on such companies. To start up a limited company, documents of i
We consider two identical firms that produce the same good. The demand for that good is the function D(p) = 1 - p where p is the unit price. Firms incur no cost. The competition
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2013 ($ in 000s): sales revenue, $
Suppose a company will issue new 25-year debt with a par value of $1,000 and a coupon rate of 8%, paid annually. The tax rate is 40%. If the flotation cost is 3% of the issue proce
A project has a one-year life. It has an outlay of Rupee 1,500 million. At the end of Year 1, the net inflow is likely to be Rupee 2,200 million. The pretax cost of debt is 11%, th
Determine the Various forms of business organizations There are various forms of business organizations: o Business-organization's objective is to earn a profit o Sole Pr
You are evaluating a project which costs $720,000, has a four-year life, and no salvage value. Depreciation is straight-line and the half year rule does not apply. Sales are projec
On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued
Acquisition during the financial period The holding company may acquire the subsidiary company partway through the financial period such that as at the balance sheet date, the
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