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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.
In earlier section, we had illustrated accounting as the language of business. Along with language, accounting has several dialects. There are dissimilarities in terminology. In de
journal entries and how to calculate entries 1. Braves estimates bad debt expense at 2% of net sales 2. At 12/31/11, 6 months of rent remains on the storage facility Braves lease
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
20 hypothetical inventory transactions both sale and purchase
Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims
what is the implication of applying accounting concept wrongly
Limitations of Funds Flow Statement : despite the a variety of uses of the announcement, it has convinced problems also. They consist of the subsequent i) It cannot substitute
Sam is trying to decide whether he should operate his business as a C cor- poration or as an S corporation. Due to potential environmental hazard problems, it is imperative that
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