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ErrorsAn error is an error discovered in the current financial period but it relates to one or more previous financial periods. Such errors arise due to mathematical mistakes, misapplication of accounting policies, oversights and fraud.The statement requires that if such an error is material i.e. the previously reported financial statements were materially misstated or misrepresented, then, the opening balances of the current financial period must be restated and if practical, the previous financial statements should be restated. Therefore an error requires retrospective application.
Adjudication order The court may adjudge the debtor bankrupt on the application of the O.R. or any creditor in the following cases: If the creditors so resolve at their first
What are the positive and negative critiques of investment property
The following information for the six months ended 31 December 2009 relates to the business of Mr N Morris: a) Opening cash (including bank) balance Rs 1,200 b) Productio
Q. Show the Basis of weightings? (i) Both costs of capital (Ke and Kd) as well as the WACC have been calculated using current ex-dividend (ex-interest) market values rather t
Accounting treatment of deferred tax The objective of accounting for deferred tax is to ensure that the profits for the period d onto fluctuate due to temporary differences. To a
Analyse the limitations of using a periodic inventory system and provide examples to support your view. essay type
Q. What is Completion Report? The object of a completion report is to compare the cost of work actually constructed with those provided for in the last sanctioned estimate. A com
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) in
Q. Explain about Credit-worthiness? There are a numerous ways in which Fenton Security plc could ensure that customers are subjected to tighter credit appraisal checks before g
the following information relates to Thomas limited who decide to commence business on 01 January 2016 with R375000 cash: what is his budget for February, march, April?
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