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Q. Basic elements of financial statements?
Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third important job in developing a conceptual framework for any discipline is identifying and defining its basic elements. The FASB defined and identified the basic elements of financial statements in Concepts Statement No. 3. Afterwards Concepts Statement No. 6 improved some of the definitions. We defined nearly every one of the terms earlier in this text in a less technical way the more technical definitions follow. These items aren't repeated in this chapter's Key terms.
1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto
Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
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
Why is it important for accounting information to be accurate and timely?
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what is the BRS
DEFINITION OF COST ACCOUNTING DEFINITION: as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t
State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume
Assorted fund, a U.K.-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an indep
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