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There are four general assumptions that specifically underline the preparation final accounts of an incorporated business. these are Going concern (matching) comparability (consistency) and prudence concepts.
Question a) What is the purpose of these four key accounting concepts.
Question b) Describe and asses the importance of each those concepts with regards to the interpretations of prepared financial statements.
Determine the amount reported as net receivables using the percentage of sales method
Frazer Corporation purchased 60 percent of Minnow Corporation’s voting common stock on January 1, 20X1. On January 1, 20X5, Frazer received $297,000 from Minnow for a truck Frazer had purchased on January 1, 20X2, for $387,000. Prepare the worksheet ..
What is the future value of Annuity if $500 deposited at 7% compounded quarterly for 10 years? How much interest was earned during the 10 years?
How much of the total sales revenue is required to be paid with cash and how many customers transaction does the company imagine in January
The corporate office has two office administrative assistants who are paid salaries of $56,000 and $40,000 annually.
A researcher has null hypothesised that "there is no significant difference between financial statements that are prepared under the provisions of the conceptual framework of accounting and those that are not" What do you think is the expected outcom..
Fraud in the Movies – There are many movies that are either documentaries or dramatizations about “real-life” cases of fraud that have impacted financial reporting and the auditing profession. Select a movie that relates to fraudulent financial repor..
Sandburg and Williams are the ownders of a partnership that manufactures commercial lighting fixtures. Profits are allocated among the partners as follows: Sandburg Williams Salaries $100,000 $125,000 Bonus as a percentage of net income after the bon..
Interest is paid semi-annually on June 30 and December 31. What is the present value of the bonds on January 1, 2011.
Provide the journal entry for the revaluation of land. Gavin invested $90,000 in the Jason and Kelly Partnership for ownership equity of $90,000.
Although proprietary funds are often compared to for-profit businesses, there are several differences between accounting for proprietary funds and accounting for a for-profit organization. Identify and discuss several differences for each of the fund..
Stormer Company reports the following amounts on its statement of cash flow: Net cash provided by operating activities was $29,500; net cash used in investing activities was $10,600 and net cash used in financing activities was $12,900.
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