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Q. Goal of financial reporting?
The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assessing the timing, amounts and uncertainty of prospective cash receipts from dividends owner withdrawals or interest and the proceeds from the redemption, sale or maturity of securities or loans. Since creditors' and investors' cash flows are related to enterprise cash flows financial reporting must provide information to help creditors, investors and others assess the timing, amounts and uncertainty of prospective net cash inflows to the related enterprise.
This objective ties the cash flows of investor's owners as well as creditors to the cash flows of the enterprise a tie-in that appears entirely logical. Enterprise cash inflows are the source of cash for interest, dividends and the redemption of maturing debt.
Q. Explain about revenue recognition principle? Under the revenue recognition principle revenues must be earned and realized before they are recognized (recorded). Earning of r
1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the
stion 8 of 20 5.0 Points Merchandise lists for $5,000 with a trade discount of 10% and terms of 5/30, 3/60, n/90. If the purchaser is invoiced on April 12th and payment is m
Q. Detailed steps for completing the work sheet ? Accountants use these preliminary steps in preparing the work sheet. The following segments describe the detailed steps for com
define accounting
__________ accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables
Difference between Income Statement and Balance Sheet Difference between the amounts of the columns in Income Statement and Balance Sheet should be the same amount. Words "Net
Finance: It is the part of economics that studies the management of money and other assets. In easier terms it can be explained as the commercial activity of providing funds and c
how we can do tds audit
Honesty AL, CPA, is compiling financial statement of significant accounting policies, Honesty AL discovers that the method used to value inventory in the past was stated as "invent
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