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Significant Deficiency -Control deficiency or combination of control deficiencies, which adversely affects company's ability to authorize, initiate, process, record or report external financial data reliably in accordance with GAAP such that there is more than a remote likelihood that a misstatement of company's annual or interim financial statements which is more than inconsequential won't be detected orprevented.
Illustration of Accounting treatment of deferred tax A Ltd., bought an item of plant at a cost of £100,000 in year 2000. The estimated useful life of the plant was 5 years and
Q. Redemption of debt? Equity finance is permanent capital that doesn't need to be redeemed while debt finance will need to be redeemed at some future date. Redeeming a huge am
Illustrations of Dissolutions X, Y and Z have been trading as partners sharing profits and losses in the ratio of 2:2:1 on the 1st July 2005, they decided to dissolve the partn
You have the following limited information upon which to base your decision as to which is the better of two alternative funding arrangements: Alternative 1 is to arrange fun
what are the concept of economic substance over legal form under accounting for lease?
The management of Gimenez Corporation is investigating an investment in equipment that would have a useful life of 7 years. The company uses a discount rate of 17% in its capital b
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Classifying expenses by nature Under this format, expenses are not classified by their nature i.e. referred to specifically according to their type and the major categories of ex
An investment has a 92% chance of making a profit of $10 million, a 1.5% chance of losing $4 million, a 3% of losing $6 million, and a 3.5% chance of losing $16 million. A) W
Which of the following procedures involves transferring amounts recorded in the general journal to ledger accounts? Answer a. preparing a tria
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