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Q. Explain about Representational faithfulness?
Representational faithfulness To increase insight into this quality considers a map. When it shows bridges and roads where roads and bridges actually exist a map possesses representational faithfulness. A correspondence exists among what is on the map and what is present physically. Likewise representational faithfulness exists when accounting statements on economic activity correspond to the actual underlying activity.
A lobster catcher spends $12 500 per month to maintain a lobster boat. He plans to catch an average of 20 days per month during lobster season. For each day, he must allow approx
what is Prepaid expense ?
Investment banking is a is an instrument which is used by the financial organization to take a improved investment decision like issuing IPO stocks bond etc.
State about the Reporting sales taxes collected SALES TAX PAYABLE - CREDIT BALANCE SALES RETURNS INVOLVING A SALES TAX Tax should also be returned to the customer.
A user buys a new transponder for $20. What debit and credit entries would need to be made?
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that wer
The conventions and rules of accounting are commonly termed as the conceptual framework of accounting. Along with any discipline or body of knowledge, several underlying theoretica
format of the account
Q. Describe Retail inventory method? Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory
started in business with cash 16,000
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