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General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing information on a company's cash inflows, financial position and outflows and the results of operations. Many companies issue these statements in annual reports. The annual report as well contains the independent auditor's opinion as to the fairness of the financial statements and information about the company's products, activities and plans.
How do you do cross-indexing?
Q. Explain Periodicity assumption of accounting? As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its econ
Compensation for the uncertainties inherent in supply and demand
Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under- 1. To recognize
Q. What are Bad debts? Bad debts -- amounts owed to a company which aren't going to be paid. An accountreceivable becomes a bad debt when it's recognized that it won't be paid.
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
Ask 1. What is the organization that is responsible for setting International Financial Reporting Standards? 2. What is the main company that Professor Levine uses for illustratio
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