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State the term Reliability- Accounting Information
Accounting must be free from significant error or bias. It must be capable of being relied upon by managers to represent what it's supposed to represent. However both reliability and relevance are very significant, the problem that we often face in accounting is that information which is highly relevant may not be very reliable. In the same way, that which is reliable may not be very relevant.
When seeking to strike right balance between reliability and relevance, the requirements of users must be overriding consideration
Statute of Limitations - This sets out the period within that actions may be brought upon claims or within which rights may be enforced. As it concerns to tax returns, statute of l
speciman of accounts preparation in stock and debtor system.
How do you know what goes on an income statement? P.S. This is a basic income statement.
what organizations are responsible for governing financial reporting? what is the role of each organiztion? how have the roles changed in the last 20 years? how might their roles c
Assume you invest $150 per month in a stock. Stock prices are as follows: January $10.50, February $9.75, March $9.50, April $11.00, May $10.75, June $9.75, July $9.00, August $8.5
Activity-Based Costing (ABC) An accounting method that assigns identifiable costs and allocates common costs to definite product lines or business fragments Also known as pro
Courts application for grant A court may: 1) Wherein a deceased person is proved whether by production of a will or authenticated copy of the will or by oral evidence of its
Right of indemnity If the Official Receiver or trustee has seized or disposed of any property in the possession of the debtor, without notice or claim relating thereto, he is
Order Point Formula The analysis discussed above tends to be somewhat cumbersome when probability distributions are most complex and dependent and multi-period cases are involv
Inventories constitute a important portion of the current assets ranging from 40 percent to 60 percent for manufacturing companies. The manufacturing companies conduct investments
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