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Accounting objectives
Accounting has two main objectives:
If the owners of an enterprise want it to earn more profit, they must increase the volume of turnover. As turnover increases, the enterprise must expand physically; as it expands, it will create departments, which deal with different lines of sales or services; there is a limit to the physical expansion at a single site–and the market there is also limited. Hence, enterprises set up branches, so that expansion can be continued. The need then arises to control the assets, liabilities, income and expenditure of the different departments and/or branches.
Half secret trusts In this type of trust the will states that the gift is on trust, but the name of the beneficiary is not specified. Since the existence of a trust is disclose
LIMITATIONS O F FINANCIAL ACCOUNTING 1. Simply transactions which can be calculated in terms of money can be recorded in the books of accounts. Actions, though important t
A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800. The village accepted the shipment and th
Trend Analysis Trend analysis is an improvement over year-to-year analysis. When a comparison of financial statements covering more than three years i
How should I handle Booking an invoice in one month for Raw material that has not been received until the following month?
Q. What do you mean by Reasonable Assurance? Reasonable Assurance - Management's assessment of effectiveness of internal control over financial reporting is expressed at the le
Camp Corp had the following balances in its stockholders'' equity at jan 1: Common stock, $2, par value, 450,000 shares issued $900,000 Additional pd in capial 1,200,000 Retained
As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize
State the users of accounting information Environment has brought new challenges for managers and other users of accounting information. Their requirements have changed and bot
How to determine the depreciation To determine depreciation in straight-line method, take cost of the asset, less the trade-in value, and divide by the estimated years of usefu
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