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Q. Objectives of financial reporting?
Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the FASB the first goal of financial reporting is to provide information that is useful to present and potential investors and creditors and other users in making credit, rational investment and similar decisions. The information must be comprehensible to those who have a reasonable understanding of business and economic activities and are willing to study the information with reasonable diligence. Company Enterprises (Stamford Conn 1980) as well as Statement of Financial Accounting Concepts Interpreted broadly the term other users includes brokers, security analysts, employees and lawyers. Financial reporting must provide information to all who are willing to learn to use it properly.
contractee account is it an assets account or expenses Account
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“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
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Q. Relevance information to financial reporting? To have relevance information should be pertinent to or affect a decision. The information should make a difference to someone
Q. Procedure of recording business transactions? The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or dec
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