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Four major qualitative characteristics of accounting information
There are four major qualitative characteristics which influence usefulness of accounting information. Additionally, though, accounting information must be material and benefits of providing the information must outweigh the costs.
Temporary or Timing differences Temporary/timing differences relate to those items that are adjusted in the current period and are again adjusted in subsequent financial period
The Operating Cycle Two Wheeler Cycle Shop buys all of its bikes from one manufacturer, Baxter Bikes. On average, bikes are on hand for 45 days before Two Wheeler sells them. The c
What is the internal rate of return for a project that has a net investment of $76,000 and net cash flows of $20,507 per year for 7 years? What is the internal rate of return fo
Dissolution of a partnership A partnership is dissolved when: It is temporary (maybe set up for a given period which has lapsed); One partner notifies the others in writ
Q. What do you mean by suspense account? How are errors in accounting classified? Suspense account: A suspense account is an account, which is opened when the trail balance does
how many types of assets and liabilities are there? list of those types required
Middlehurst House is a daycare center/preschool which operates as a partnership of George Friedman and Bill Compton. The center is in a city that has a large base of twoincome fami
Q. Which one of the following is not necessary in order for a corporation to pay a cash dividend? a. Adequate cash b. Approval of stockholders c. Declaration of dividends by the bo
definition of cost of control
Brabham Enterprises manufactures tires for the Formula One motor racing circuit. For August 2011, Brabham budgeted to manufacture and sell 3,000 tires at a variable cost of $74
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