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Q.1 Explain the ways in which the needs of internal and external users of accounting information are the same and different.Q.2 Why is it important for financial statements and other external reports to be based on generally accepted accounting principlesQ.3 Describe the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?
The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2
Are revenue and expense accounts permanent accounts and should not be closed at the end of the accounting period?
Defunct Companies A company may be dissolved under s.338 without winding up if the registrar has reasonable cause to believe it is defunct: The procedure is: a. Registrar writ
Types of interest given under a will The interest given in a legacy, devise or gift of residue may be of the following kinds:- 1. Vested: A vested interest gives an immedi
is net sales an asset
The difficulties associated with managing organisations with multiple objectives To the level that an organisation faces a range of stakeholders then they also face multiple ob
The managers of Merton Medical Clinic are analyzing a proposed project. The project's most likely NPV is $120,000, but, as evidenced by the following NPV distribution, there is con
Q. Example on investment appraisal method ? Contribution per unit = 3·00 - 1·65 = $1·35 per unit Total annual contribution = 20000 × 1·35 = $27000 per year Annual cash fl
This is a comprehensive assessment of the material related to our first two class meetings. You are NOT being tested on material related to capital budgeting (NPV, IRR, etc.). Tha
The current balance sheet of CBKH shows $800 million of corporate loans ($500 million of which being rated AA- and the remaining rated BBB+), $200 million of bonds issued by an OEC
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