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Q. Explain about full disclosure principle?
The full disclosure principle states that information significant enough to influence the decisions of an informed user of the financial statements must be disclosed. Depending on its nature companies must disclose this information either in the financial statements or in notes to the financial statements or else in supplemental statements. In judging whether or not to release information it is better to make a mistake on the side of too much disclosure rather than too little. Many lawsuits against CPAs as well as their clients have resulted from inadequate or misleading disclosure of the underlying facts. We recapitulate the major principles and describe the importance of each.
Taxes are affected by the level of economic activity: When output increases, tax revenues typically increase, when output falls, tax revenues fall. Suppose a balanced- budget amend
John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,
Q. External users of accounting information? The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers
1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues. F
what is meaning by parallel accounts
Full form= Winter compensation from contributions.
In November 2012, US based information technology Hewlett Packard recorded a write-down of around $8.8 billion related to its $11.3 billion acquisition of the UK based software mak
Uses of the Profit and Loss Account 1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise
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