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In 1973 and independent seven-member full-time Financial Accounting Standards Board (FASB) replaced the Accounting Principles Board. The FASB has published numerous Statements of Financial Accounting Standards. The Accounting Principles Board Opinions and old Accounting Research Bulletins are still effective unless specifically superseded by a Financial Accounting Standards Board Statement. The FASB is the private sector organization currently responsible for the development of new financial accounting standards. The Emerging Issues duty Force of the FASB interprets official pronouncements for general application by accounting practitioners. The conclusions of this task force should as well be followed in filings with the Securities and Exchange Commission.
Journal is an every days record of business transactions, this is also termed a 'Day Book' and is used for recording every day transactions in the order wherein they arise. It is
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
A company values its loose tools for inclusion in its balance sheet. The tools are not extremely valuable and the company uses estimating while valuing them. Which type of accou
QUESTION It is generally recognised that power is an essential component of accountability and that greater accountability is recognised towards those stakeholders who have mor
Current Liabilities We have studied about liabilities are claims of outsiders against the business. Conversely, these are amounts owed through the business to people who have
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SQB Corporation reports sales of $10,000,000 for Year 2, with a gross profit margin of 40%. 20% of SQB's sales are on credit. Year 1 Year 2
These are amounts owed to the company through debtors. This is the purpose why we also utilize the term sundry debtors to indicate the amounts owed to the firm. This signifies amou
In 1973 and independent seven-member full-time Financial Accounting Standards Board (FASB) replaced the Accounting Principles Board. The FASB has published numerous Statements of F
What is the difference between governmental type activities and business type activities and can you give some examples of each?
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