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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.
Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc
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State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
Q. What is sales allowance? A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any
began his business with equipment valued at $40,000 and place $400,000 in the business checking account. what are the accounts affected?
the terms debit and credit are synonymous with left and right.
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Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise
Determine the Purchasing Procedures Alarge company would use a "purchasing agent" who heads purchasing department. Small companies would use manager/owner, etc. Seller recei
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