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Q. Goal of financial reporting?
The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assessing the timing, amounts and uncertainty of prospective cash receipts from dividends owner withdrawals or interest and the proceeds from the redemption, sale or maturity of securities or loans. Since creditors' and investors' cash flows are related to enterprise cash flows financial reporting must provide information to help creditors, investors and others assess the timing, amounts and uncertainty of prospective net cash inflows to the related enterprise.
This objective ties the cash flows of investor's owners as well as creditors to the cash flows of the enterprise a tie-in that appears entirely logical. Enterprise cash inflows are the source of cash for interest, dividends and the redemption of maturing debt.
Q. What is sales allowance? A sales allowance is a inference from the original invoiced sales price granted when the customer keeps the merchandise but is dissatisfied for any
Q. Explain about Going-concern concept? Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite
assignments
Target Company issues bonds with a par value of $900,000 on their stated issue date. The bonds mature in 10 years and pay 10% annual interest in semiannual payments. On the issue
Q. Income taxes payable? Taxes withheld from employees comprise federal income taxes, state income taxes and social security taxes withheld from employees' pay checks. The comp
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
Q. What do you mean by Breakeven point? Breakeven point -- the amount of revenue from sales that exactly equals the amount ofexpense. Breakeven point is generally expressed as
Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o
I need help with the journal entries for chapters 8 & 9 of this project.
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
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