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What is accounting?
Accounting is concerned with analysing, collecting as well as communicating financial information. Purpose is to help people who use this info to make more informed decisions. If financial information which is communicated isn't capable of improving the quality of decisions made, there would be no point in producing it. Sometimes impression is given that purpose of accounting is basically to prepare financial reports consistently. Though it's true that accountants undertake this kind of work, it doesn't signify an end in itself. Ultimate purpose of the accountant's work is to give people better financial information on which to base their decisions.
EXPRESS TRUSTS Creation : An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) Completely an
Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank''s swap trading desk
Accounting policies Accounting policies are the specific assumptions, bases, principles and practices that are adopted by firms in preparing financial statements. The standard
James Bell plans to stay at the Michaels Motel for one month, and he prepays his room charges. Bell arrives and begins his stay on January 21. To account for Bell's prepayment, at
who to prepar a financial statement
INTER-COMPANY TRANSACTIONS AND BALANCES As the associate company is not consolidated, care should be taken when there are trading transactions and inter-company balances between
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
(a) IFRS 8 Operating segments requires that segmental information be provided by listed entities. Clearly FGH is looking to list and hence IFRS 8 will be applicable. The disclosure
Financial ratios have been categorized in a variety of manners. You may determine the subsequent broad bases having been utilized in current literature: Primacy Criterion: Th
Occasionally cash flows may have to be discounted more often than once a year semi- monthly, daily, annually or quarterly. The outcome of this is as fold (i) The number of per
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