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A sound foundation is necessary for success in any task from building a house to putting on make up. In terms of U.S Accounting standards it is necessary to have a sound foundation referred to as the conceptual framework. Let's discuss it step by step starting with the objective. What is the objective of accounting standards?
Exceptions to the rule of lapse There is no lapse in either of the following cases: 1. Where the gift or disposition is made in discharge of a moral obligation recognised by t
1a. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods p
A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on Octob
Real estate depreciated under MACRS rules is subject to cost recovery using a mid-year convention. Mike converted his personal residence (acquired in 2001) to rental property th
Case study Josephine Josephine has just landed her first job out of graduate school. She is lucky enough to be working for one of the Big Four, earning $50,000 per year. S
Do we recognise revenue if it will be assigned to other party ?
what is the implication of applying accounting concepts wrongly
On April 10, ABC inc. Enters in a swap contract for 10 years with a chartered bank to turn a fixed rate on liability of $150 million to floating rate. ABC wants to receive interest
Define the term- How are businesses organised Nearly all businesses which involve more than a few owners and/or employees are set up as limited companies. This means that finan
notes on 5 modern accounting techniques
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