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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.
Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo
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Determine the terms of Recording sales of merchandise The SALES ACCOUNT is a temporary account with a normal credit balance. It's ONLY used to record sale of merchandise on
Analyzing and using the financial results trend percentages It is occasionally more informative to express all the dollar amounts as a percentage of one of the amounts in the b
Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
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An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals
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
Cartwright inc has $1,000,000 of 10% bonds outstanding on December 31, 20x8. On January 1, 20x9 adams corp and 80% owned subsidiary of Cartright, inc purchases a $250,000 part of c
80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto
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