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Q. Qualitative characteristics of financial reporting?
Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard to apply. The effectiveness of accounting information in a given instance depends not merely on information characteristics but as well on the capabilities of the decision makers and their professional advisers. Accountants can't specify who the decision makers are and their characteristics and the decisions to be made or the methods chosen to make the decisions. Thus they direct their attention to the characteristics of accounting information. Reminder the FASB's graphic summarization of the qualities accountants.
Q. What do you mean by Supplies on hand? Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include al
Schedule of Accounts Payable Lists the balances of accounts payable ledger, and Accounts Payable controlling account demonstrates the total amount owed to ALL creditors. Th
Q. What is Fixed cost? Fixed cost -- a cost that doesn't change as sales volume changes (in the short run.) Fixedcosts generally include such items as rent, interest, depreciat
#question.prepare the required adjusting entry for September 30, 2009
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Annual interest of 5% paid if balance exceeds 800, $7 monthly fee if account falls below minimum balance, average monthly balance $1,160, account falls below $800 during 5 months
Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
The transactions for February need to be processed on MYOB with the Username:n10026509 and no password and make sure the audit trail is on. Then Part B is a performance report. The
Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
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