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Q. Relevance information to financial reporting?
To have relevance information should be pertinent to or affect a decision. The information should make a difference to someone who does not already have it. Appropriate information makes a difference in a decision either by affecting users' predictions of outcomes of past and present or future events or by confirming or correcting expectations. Note that information require not be a prediction to be useful in confirming, developing or altering expectations. Expectations are usually based on the present or past. For instance any attempt to predict future earnings of a company would quite probable start with a review of present and past earnings. Even though information that only confirms prior expectations may be less useful it is still relevant because it reduces uncertainty.
Critics have alleged that certain kinds of accounting information lack relevance. For instance some argue that a cost of USD 1 million paid for a tract of land 40 years ago and reported in the current balance sheet at that amount is irrelevant except for possible tax implications to users for decision making today. Such condemnation has encouraged research into the types of information relevant to users.
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider
the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la
The type of accounting concerned with providing information and analyses to managers within the organization is referred to as
Windsor Company will receive $100,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $100,000 receipt is ? Answer: PV = FV (PVIF) = $100,000 x 0.5132
Q. Explain about debits and credits? Accountants utilize the term debit instead of saying place an entry on the left side of the T-account. They utilize the term credit for Pla
I need an experts advice, I''m nearly finished with my Dissertation on IAS 40 - but I need some more guidance on issues with the standard and how it can be improved
Are mailing lists are considered as prepaid or period expens?
ACCOUNTING STANDARDS An Accounting Standard is a elected set of accounting policies or broad strategies concerning the principles and methods to be elected out of numerous subs
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