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Q. What are the financial statements?
Significant Accounts - An account is significant if there is more than a remote likelihood that account could include misstatements which individually or when aggregated with others, could have a material effect on the financial statements, considering the risks of both understatement and overstatement.
The real risk-free rate is 2%. Inflation is expected to be 2% this year and 5% during the next 2 years. Suppose that the maturity risk premium is zero. What is the yield on 2-ye
Calculating Present Value [LO2] You have just received notification that you have won the $1 million first prize in the Centennial Lottery. However, the prize will be awarded on
The following information for the six months ended 31 December 2009 relates to the business of Mr N Morris: a) Opening cash (including bank) balance Rs 1,200 b) Production in unit
what is the formulae for calculating Net income?
50. In preparing a company's statement of cash flows for the most recent year on the indirect method, the following information is available: 52,000-Net income for the year 18,00
Time for disclaimer The trustee may disclaim in writing at any time within twelve months of his appointment, or of becoming aware of the property, or such extended period as th
Binary Coded Decimal BCD stands for Binary Coded Decimal. The information given to the computer is stored temporarily before it is processed. Consider a number 827. The bin
Q. Flexibility in Debt finance? Debt finance is more elastic than equity in that various amounts can be borrowed at a fixed or floating interest rate and for a range of maturit
Creation An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) It may be created in the following ways:
State the Economic benefit of having accounting information Economic benefit of having accounting information is even harder to assess. It's possible to implement some 'scienc
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