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Q. What is Instance financial reporting?
For instance financial reporting should
- Provide information concerning an enterprise's past performance because such information is a basis for predicting future enterprise performance.
- Focus on earnings as well as its components despite the emphasis in the objectives on cash flows. Earnings calculated under the accrual basis generally provide a better indicator of ability to generate favourable cash flows than do statements prepared under the cash basis. On the other hand financial reporting doesn't seek to
- Measure the value of an enterprise however to provide information useful in determining its value.
- Calculate management's performance, assess risk, predicts earnings or estimate earning power but to provide information to persons who wish to make these evaluations.
These conclusions are a few of those reached in Statement of Financial Accounting Concepts As the Board stated these statements are intended to establish the goals and concepts that the Financial Accounting Standards Board will use in developing standards of financial accounting and reporting. How flourishing the Board will be in the approach adopted remains to be seen.
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Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays
who are sole traders
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
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Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
Q. Describe about Expense? Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditu
On January 1, 2012, the organizers of the Parsons Corporation contained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation
2. One never goes alone, hens operation research employs different tools to accomplish: its own tasks, discus each and every tool employed by or throughout its doers.
During the current year, Mast Corporation expects to produce 10,300 units and has budgeted the following: net income $350,376; variable costs $1,080,800; and fixed costs $105,000
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