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Limitations of Funds Flow Statement: despite the a variety of uses of the announcement, it has convinced problems also. They consist of the subsequent
i) It cannot substitute either an income statement or a Balance Sheet as it does not give complete information
ii) It is organized from the information enclosed in the financial statements and per se the accuracy of the information is uncertain
iii) This declaration disregards the changes in the working capital items and thus fails to throw light on the financial position of the fear
iv) It does not offer for uninterrupted changes
Q. Verifiability of Financial information? Verifiability Financial information has verifiability when independent measurers are able to substantially duplicate it by using the
Q. Introduction to inventories? Subsequent to studying this chapter you should be able to - Record the journal entries for sales transactions involving merchandise. - Exp
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
Q. Define about Assets and Liabilities? Assets are feasible future economic benefits obtained or controlled by a particular entity as a result of past events or transactions.
"Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
Periodic Review
Q. What is Prepaid rent explain with example? Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays re
Q. Example of retail inventory method? In Exhibit we display the retail inventory method. In the exhibit the costs (USD 22000) as well as retail (USD 40000) amounts for beginni
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
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