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Changes in accounting estimatesIn preparing financial statements, it may be difficult to arrive at exact values for certain items to be presented in the financial statements and thus estimates are normally used.Examples of estimates: Depreciation, provision for doubtful debts and other provisions in relation to contingent liabilities e.g. pending court cases (suits) These estimates are based on the available information as at the time of preparing financial statements.However, in subsequent financial periods, changes may be required on these estimates because of new information becoming available. IAS 8 requires that a change in accounting estimate should be accounted for in the period in which the change arises and where relevant, in other subsequent financial period. E.g. an increase or decrease in provision for doubtful debts will be adjusted for in the current years income statement whereas depreciation will not only be adjusted for in the current year but also in the subsequent financial periods. i.e. the remaining Net Book Value of the assets will be depreciated over the remaining useful life starting with the current financial period.
An investment will pay $200 at the end of every of the next 3 years, $400 at the end of Year 4, $600 at the end of Year 5, and $800 at the end of Year 6. If other investments of eq
Q. Determine expected future cash flows? A rights issue will be a smart source of finance to Tirwen plc as it will reduce the gearing of the company. The current debt/equity ra
what if 50% of customers who switch from pisa pizza who switch from original pizza to healthier pizza then switch to another brand from healthier pizza.
Retirement benefits 1) Provident fund and family pension: a. Contribution to PF and PPF are provided for and payments in respect thereof are made to the relevant
Consider the following 2008 data for Newark General Hospitals (in millions of dollars Simple Budget_______Flexible Budget_ Actual Budget__ Revenue______$4.7$____4.8_____$4.5_
Q. Chrissy currently has a credit card that charges 15 percent interest. She usually carries a balance of about $500. Chrissy has received an offer for a new credit card with a tea
Q. What do you understand by Measurement Date in stock option? Measurement Date - The date at which equity share price and other pertinent factors, like expected volatility tha
DEBTOR'S PROPERTY AT COMMENCEMENT OF BANKRUPTCY 1) Doctrine of "relation back" : The trustee's title to the debtor's property is deemed to relate back to the commencement o
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks
The opening entries 1. Assets of the estate or trust In both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Ca
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