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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.
Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
Why it is important for independent auditor to be a member of a professional body?
what does office stationery at year end classify as? asset or expense?
Financial accounting reports are mandatory to be prepared by the firms, and are scrutinized by auditors, creditors or Government or Tax authorities. But management accounting recor
xyz manufactures plastic shelving. The annual fixed cost for its current injection equipment is $ 100,000 variable cost is $25 per unit. The annual fixed cost for a new system is $
Q. Example of Statement of retained earnings? Statement of retained earnings The statement of retained earnings as you remind is a financial statement that summarizes the trans
Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009: Sales revenue for the year $30
identify the income statement account
I want to learning Accouny basic
Q. Example of Electronic spreadsheets? Electronic spreadsheets have many applications in accounting. An electronic spreadsheet is basically a large blank page that contains row
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