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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.
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Received security deposit from tenants
What is Discounts received?
2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515
Zack is a farmer who buys his feed and fertilizer from a farmer cooperative. In 2012, Zack purchased $300,000 in feed and fertilizer for the farm and $10,000 of household goods. Be
I''m trying to figure out how do do a journal entry. The question reads...a company purchased land worth $49,000 for an office by paying $6,300 in cash and signing a long term note
How do you set up a t account correctly?
Accounting conventions The phrase 'convention' is used to signify customs or ethnicity as a guide to the research of accounting statements. A variety of accounting conventions
Target Company issues bonds with a par value of $900,000 on their stated issue date. The bonds mature in 10 years and pay 10% annual interest in semiannual payments. On the issue
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
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