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Q. General-purpose financial statements?
Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties and top-level internal managers. In contrast accountants are able to gather special-purpose financial information for a specific decision typically on a one-time basis.
For example management may require specific information to decide whether to purchase a new computer system. Ever since special-purpose financial information must be specific this information is best obtained from the detailed accounting records rather than from the financial statements.
Verify the amount to be paid within the discount period for purchase with an invoice price of $7,745, subject to credit terms of 2/10, n/30.
Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i
Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by
Uses of cash flow statements: The main usefulness of cash flow analysis is that it facilitates the Finance manager to approximation the cash necessities of the firm and match t
What is the implication of applying accounting concepts wrongly
implication of applying accounting concepts
The owner's equity of Logan's company is equal to one quarter of the total assets. Liabilities equal $60,000. What is the amount of owner's equity?
Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
how do I do a cash payments journal?
1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
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