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Q. What is Timeliness?
The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of information decreases with age. To recognize what the net income for 2010 was in early 2011 is much more useful than receiving this information a year later. If information is to be of any value in decision making it should be available before the decision is made. Otherwise the information is of little value. In determining what constitutes timely information accountants consider the other qualitative characteristics as well as the cost of gathering information. For instance a timely estimate for uncollectible accounts may be more precious than a later verified actual amount. Timeliness alone can't make information relevant however potentially relevant information can be rendered irrelevant by a lack of timeliness.
Workers compensation insurance Workers compensation insurance provides protection for employees who suffer a job-related illness or injury. Entire cost is generally paid by t
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la
Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
You just took out a variable-rate mortgage on your new home. The mortgage value is $100,000, the term is 30 years, and initially the interest rate is 8%. The interest rate is fixed
Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
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