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q maplehurst companymaplehurst company manufactures huge spinning machines for the textile industry the company had purchased usd 100000 of small
q summary of significant accounting policiesas part of their annual reports companies comprise summaries of significant accounting policies these
q measurement in financial statementsin december 1984 the fasb issued statement of financial accounting concepts no 5 the recognition and measurement
q explain about accountants record expendituresaccountants record expenditures on physical resources such like buildings land and equipment that
distributions to owners are reducing in equity of a particular business enterprise resulting from transferring rendering services assets or incurring
investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something
q define gains and lossesgains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other
q define expenses in terms of accountingexpenses are outflows or else other using up of assets or incurrence of liabilities or a combination of both
q what is comprehensive income and revenuescomprehensive income is the alter in equity of a business enterprise during a period from transactions and
q explain about equity or net assetan equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting
q define about assets and liabilitiesassets are feasible future economic benefits obtained or controlled by a particular entity as a result of past
q basic elements of financial statementstherefore far we have discussed objectives of financial reporting and qualitative characteristics of
q consistency in accounting principleconsistency necessitates that a company use the same accounting principles and reporting practices through time
q comparability in accounting informationwhen comparability exists reported similarities and differences in financial information are real and not
q neutrality of accounting informationthe neutrality signifies that the accounting information must be free of measurement method bias the primary
q verifiability of financial informationverifiability financial information has verifiability when independent measurers are able to substantially
q effects of bias in terms of accountingwhere there is no correspondence the cause may be a bias or b lack of completeness- effects of bias
q explain about representational faithfulnessrepresentational faithfulness to increase insight into this quality considers a map when it shows
q dependability of informationadditionally to being relevant information must be reliable to be useful information has reliability when it faithfully
q what is timelinessthe timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision
q explain about predictive value and feedback valueseveral suggest using a different valuation basis such as current cost in reporting such assets
q relevance information to financial reportingto have relevance information should be pertinent to or affect a decision the information should make a
q qualitative characteristics of financial reportingaccounting information must possess qualitative characteristics to be useful in decision making
q what is instance financial reportingfor instance financial reporting should- provide information concerning an enterprises past performance because
q financial reporting about the economic resourcesthe third financial reporting should provide information about the economic resources of an