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Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as tehy prepare and issue financial statements. Let's start by getting an understanding of why the guidelines were developed in the first place? Who relies on the financial statements (external users)? What happens if an external user relies on financial statements that are inaccurate? What negative consequences can arise from relying an inaccurate financial statements?
Let us assume you expect to obtain Rs.2000 yearly for the next three years. The receipt of Rs.2000 is evenly divided. One part that is: Rs.1000 is obtained at the beginning of the
Thurston Howell IV is the sole heir to the Howell Enterprise fortune. He does not participate in the business, preferring to tend to his comic book collection. He does however own
Define the term Relevance - accounting information Accounting information should have the ability to influence decisions. Except this characteristic is present, there is ac
Illustration of marked up by an additional amount E Limited sent goods to its branch in Thika invoiced at selling price, which was cost plus 505 of cost. On 1st July 20X2, the
Wider-range Investments (Requiring advice in writing from a properly qualified person) Quoted shares of a company with a paid-up capital of not less than Shs10m and has
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par - Preferred shares:
It’s been two months since you took a position as an assistant financial analyst at Caledonia Products. Although your boss has been pleased with your work, he is still a bit hesita
business is started with the objective of making profits but the conservatism concept says not to anticipate profit.... why so??
Q. What is Materiality? Materiality - Magnitude of an omission or misstatements of ACCOUNTING information that, in the light of surrounding circumstances, makes it probable tha
During construction of a building, the cost of interest on a construction loan should be charged to an expense account
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