Briefly explain the importance of assets and liabilities to the decisions of investors and creditors. What factors must a financial manager consider when making decisions about accounts receivable? Explain how accounting standards are established.
Answer to: Briefly explain the purpose of the disclosure note on significant accounting policies. Provide two examples of what might be found in...
Below explained what is the continuous inventory record and the method of continuous count: What are continuous inventory records means: Where a business holds considerable quantities of varied inventory, there is a need to maintaincontinuous inventory recordswhich is a “card” kept ...
(SEC and FASB) and the IASB in converging accounting standards and in converging their conceptual frameworks. Explain the currency translation in IAS/ IFRS single-entity financial statements while referring to the concept of functional currency in this context Observable ...
from the basic concepts of Luca Pacioli set forth in the 1400s. It governs how financial statements are prepared and presented in the United States. The FinancialAccountingStandards Boards (FASB)‚ the American Institute of Certified Public Accountants and the Securities and Exchange Commission (...
Explain the purpose of depreciation and compare different methods of accounting for it. Explain what Accumulated depreciation means. Define amortization. What kind of assets are amortized? Describe the difference between depreciation methods: Straight-line and Double Declining B...
Decisions will be made more quickly as the divisional managers will not need to send information up to top management and then wait for instructions to be passed down. Divisional managers will make better decisions than centralized management as they are closer to the daily...
The above steps were clear in a manual accounting system. However, today these steps are occurring with electronic speed and accuracy within sophisticated yet inexpensive accounting software. The accountant can enter adjusting entries into the software and can instantaneously obtain a complete set of fi...
the Westerlies blow over the country all the year round and bring warm and wet air from the Atlantic Ocean. Thirdly, Britain is suiTounded by seawaters, which can balance the seasonal differences by heating up the land in winter and cooling it off in summer. 4. What are the present feat...
Explain what is meant by 'differentiated' products. What are four ways in which a firm can differentiate its product? Explain the difference between accounting and economic profit. Give 2 examples of when they differ. Explain the difference between accounting and...