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Prospective Financial Information (forecast and projection) - Forecast: Prospective financial statements which present, to the best of responsible party's knowledge and belief, an entity's expected financial position, results of operations and changes in financial position. A financial forecast is based on responsible party's assumptions reflecting conditions it expects to existand course of action it expects to take. Projection: Prospective financial statements that present, to the best of responsible party's knowledge and belief, given one or more hypothetical assumptions, an entity's expected financial position, results of operations and changes in financial position.
Do we recognise revenue if it will be assigned to other party ?
Q. What do you mean by Reasonable Assurance? Reasonable Assurance - Management's assessment of effectiveness of internal control over financial reporting is expressed at the le
Which of the following actions are most likely to directly increase cash as shown on a firm's balance sheet? Explain and state the assumptions that underlie your answer. 1. It i
Accounts of trustees The trustee must keep proper books of account, which may be inspected by the creditors at any time. The cash book must be audited by the committee of insp
Bakers Bagels LLC produces and sells 20 types of bagels by the dozen. Bagels are priced at $6.00 per dozen (or $0.50 each) and cost $.020 per unit to produce. The company is consid
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
Common stocks A, B, C, and D had the following quarterly returns. A B C D 0.07 0.05 0.07 0.12
A player for a Rice team, Jim Jones, is graduating this year and is considering a career in professional sports. The alternative is to work for two years and then attend business s
cisco intangible assets
Prepare a financial statement from alphabetic listing of accounts: A number of accounts balances are listed below these accounts relate to Keenal Real Estate. During the year just
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