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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. Concepts of accounting? - The major underlying assumptions or else concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) st
Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense
Mission statement for PCAOB and AICPA and how it contributed to GAAP 2-3 pages APA style
Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
Q. What do you mean by bookkeeping? Accounting is frequently confused with bookkeeping. Bookkeeping is a mechanical procedure that records the routine economic activities of a
I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.
Write notes on 5 modern accounting techniques
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
“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.
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
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