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Q. Explain about Predictive value and feedback value?
Several suggest using a different valuation basis such as current cost in reporting such assets. Predictive value and feedback value Since actions taken now are able to affect only future events information is clearly relevant when it possesses predictive value or improves users' abilities to predict outcomes of events. Information that reveals the relative accomplishment of users in predicting outcomes possesses feedback value. Feedback reports on past activities and is able to make a difference in decision making by (a) reducing uncertainty in a situation (b) refuting or confirming prior expectations and (c) providing a basis for further predictions. For instance a report on the first quarter's earnings of a company reduces the uncertainty surrounding the amount of such earnings refutes or confirms the predicted amount of such earnings as well as provides a possible basis on which to predict earnings for the full year. Remember that even though accounting information may possess predictive value it doesn't consist of predictions. Making predictions is a function performed by the decision maker.
Revenues from the theatrical supply of motion pictures are recognized when motion pictures are exhibited. Television licensing revenues are recorded while the program material is a
Q. Underlying assumptions or concepts of accounting? The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money
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1. Listed below are account balances taken from the adjusted trial balance of XYZ Inc. as of December 31, 2012. Credit Account
what the accounts maintained in retail business
Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a
Q. What do you mean by Inventory turnover? Inventory turnover -- a ratio which indicates amount of inventory a company uses tosupport a given level of sales. Formula is: Invent
On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an add
This is due to every organization wants profit to operate, and as results the fmcg gods turn to have a moving market than that of the hardware goods, because the products does not
Q. Calculate the gross margin percentage? Calculate the gross margin percentage by using the following formula Grossmargin percentage = Grossmargin/Net sales To show th
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