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The enhancing qualitative characteristic of understand ability means that information should be understood bya those who are experts int eh interpretation of financial informationb those who have a reasonable understanding of business and economic activitiesc financial analystsd CPAs
Defence of trustee 1) He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; 2) He may also be released
1.Assume that Abel business corporation is purchasing new equipment, for 350,000$ at the beginning of 2014. Assume that Abel business corporation is in the 30% corporate tax bracke
d. Prepare the summary journal entry required to transfer finished component kits from the Cutting Department to the Finishing Department in January. e. Compute the total cost assi
POWERS OF INVESTMENT The trustees have a duty to obtain control of trust assets and to invest trust funds in authorised securities. The trustees may invest in such securities
State the relationship between return and risk This relationship between return and risk has significant implications for setting financial objectives for a business. Owners wil
equity share capital rs 10 200 10% preference share capital 80 15% debenture 20 profit before interest and taxes 60 proposed dividend 20 provision fo
the salaries paid in 2004 is rs. 500000 salaries outstanding is rs.20000 salaries paid in advance for 2004 is rs 30000 what is the actual salary expenditure for 2004?
AMALGAMATIONS Two sole traders and a partnership,two or more partnerships or a sole trader and other partnerships may combine or join together to forma a single partnership. The
Protected transactions These fall into three categories: (A) Under Section 50: Payments by the bankrupt to creditors; Payments or deliveries to the bankrupt; C
GOODWILL Previously under IAS 22 on Business combinations, goodwill on consolidation used to be amortized over an estimated period of years. However, IFRS 3 (still on business
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