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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
INCOME ACCOUNT (a) Classification : Income will be classified under appropriate headings: Rents; Interest on Government securities; Dividends; Interest on
As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize
Investment with cum.div. Quotation Investment with cum.div. Quotation will be debited to the investment account at its full value. When the dividend is subsequently received it
I have a presentation on an article (around 20 pages). I also need 2 current real life examples (2 companies) to support the presentation. Can you do that? How long it will take yo
list and explain the stages where the errors are deducted for rectification.
During it's first year of operations, Rosa Corp has these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share July 1 Issued 60,000 sh
Washington-Pacific invests $2 million to take a tract of land and plant some young pine trees. The trees can be harvested in 13 years, at which time W-P plans to sell the forest at
Asset Acquisition An alternate way of conducting a buyout by purchasing few assets an industry may have inspite of purchasing that organizations stock.
An investor holds a bullish view for the equity market over the next twelve months and wishes to recalibrate his portfolio to reflect this view. The investor's portfolio consists o
XYZ Corporation recieves $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a a debit to investment b credit
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