Explain about representational faithfulness, Accounting Basics

Assignment Help:

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.


Related Discussions:- Explain about representational faithfulness

Explain about predictive value and feedback value, Q. Explain about Predict...

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 feed

Describe the term - payroll, Describe the term in detail Payroll PAYR...

Describe the term in detail Payroll PAYROLL is very vital for all employees. Employees are under the direct control of employer on a continuing basis. An independent contract

You received an email from carl the operations manager, You received an ema...

You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp

Under and over absorption, A company absorbs overheads on machine hours tha...

A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250.  Results illustrate actual hours of 10 980 and overhead of $276 652.

Effects of bias in terms of accounting, Q. Effects of bias in terms of acco...

Q. Effects of bias in terms of accounting? Where there is no correspondence the cause may be (a) bias or (b) lack of completeness. - Effects of bias. Accounting measuremen

Ratio, How does contribution margin work?

How does contribution margin work?

Open item managed account, What do you recognize by Open Item Managed Accou...

What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea

Accounting concepts, What is the implication of applying accounting concept...

What is the implication of applying accounting concepts wrongly

Introduction to accounting and business structures, Discuss the considerati...

Discuss the considerations that management should take into account in determining the design of an accounting system which will satisfy both (i) its own information requirements a

What do you eman by expenditure, Q. What do you eman by Expenditure? Ex...

Q. What do you eman by Expenditure? Expenditure -- an expenditure takes place when something is attained for a business -- an asset isbought, salaries are paid and so on. An ex

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd