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Q. Financial accounting standards boards conceptual framework?
Experts have discussed the exact nature of the basic concepts and related principles composing accounting theory for years. The debate continues at present despite numerous references to generally accepted accounting principles (GAAP). To date all efforts to present a concise statement of GAAP have received only limited acceptance.
Because of this limited success a lot of accountants suggest that the starting point in reaching a concise statement of GAAP is to seek agreement on the objectives of financial accounting and reporting. The conviction is that if a person (a) carefully studies the environment (b) knows what objectives are sought (c) can identify certain qualitative traits of accounting information and (d) can define the basic elements of financial statements, that person can discover the principles and standards leading to the stated objectives. The FASB finished the first three goals by publishing Objectives of Financial Reporting by Business Enterprises and Qualitative Characteristics of Accounting Information. Attend to the fourth goal are concepts statements entitled Elements of Financial Statements of Business Enterprises and Elements of Financial Statements.
please explain cycle of accounting
Q. What do you mean by Risk management contracts? In the normal course of business the Company utilizes a variety of off-balance-sheet financial instruments to manage its expos
A machine valued on the books at $8500 was sold on credit to $8000.
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the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6
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.
Q. Explain about trade discount? A trade discount is a percentage deduction or else discount from the specified list price or catalogue price of merchandise. Companies utilize
What is the implication of applying accounting concepts wrongly
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