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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.
Potential sources of finance for very new businesses Initial owner finance is almost always the first source of finance for a business, whether from the owner or from family co
APPORTIONMENT (a) T he purpose of the apportionment rules The purpose of the various rules of apportionment is to provide a fair and reasonable basis for dividing certain
IFRS guidelines IFRSs Gives the guideline on the content and the accounting statements of certain events and transactions in the financial statements. The following IFRSs are r
TERMINATION OF OFFICE OF TRUSTEE The trustee may vacate office in the following ways: 1. Resignation : He may resign at a meeting of creditors and with their consent. 2.
Determine about the accounting information Numerous user groups have an interest in accounting information relating to a business. Majority of these are outside the business ho
Trust - Ancient legal practice where one person (GRANTOR) transfers the legal title to an ASSET, known as principal or corpus, to another person (the TRUSTEE), with specific instr
1) A magazine offers a one-year subscription at a cost of 15 with renewal the following year 16.50. Also offered is a two-year subscription at a cost of 28. What is the effective a
Half secret trusts In this type of trust the will states that the gift is on trust, but the name of the beneficiary is not specified. Since the existence of a trust is disclose
Tom Scott is the owner, president, and primary salesperson for Scott Manufacturing. Because of this, the company's profits are driven by the amount of work Tom does. If he works 40
What happens to capital when a project is completely funded by retained earnings?
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