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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. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
A user buys a new transponder for $20. What debit and credit entries would need to be made?
Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third
want a question of general jouranal , t account ,traial balance , income statement and balance sheet
What is the end-of-period worksheet Show Trial Balance-debits MUST EQUAL credits Show Adjustments-debits MUST EQUAL credits Carry adjustments forward to Adjusted Trial Ba
Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr
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Q. Example of current ratio? The current assets and current liabilities and current ratios of some other companies as of the third quarter of 2001 were As you are able to se
Q. Financial accounting versus managerial accounting An accounting information system offers data to help decision makers both outside and inside the business. Decision makers
Preparing financial statements for a merchandising business (The statements are completed in this order.) 1. Income Statement (contains only expenses and revenue and show
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