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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.
Examine the present system and recoginize specific weaknesses that must be addressed by a new improved system. As part of your analysis, prepare data flow diagrams (context, log
Company A has only been in existence for two full years as a public company. Prior to this, it was a segment of large multinational and was spun off as stand-alone, public company.
Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo
began his business with equipment valued at $40,000 and place $400,000 in the business checking account. what are the accounts affected?
Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purc
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
Bear Market Bear market is a market in which stock prices are expected to fall.
Determine the types of Credit card sales Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale. Recording Bank Credit Card Sale
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