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identify which basic assumption of accounting is best described in each item belowa the economic activities of fedex
for each item below indicate to which category of elements of financial statements it belongsa retained earningsb
1 identify which qualitative characteristic of accounting information is best described in each item below do not use
1 discuss whether the changes described in each of the cases below require recognition in the cpas report as to
1 the treasurer of joan osborne co has heard that conservatism is a doctrine that is followed in accounting and
1 how are materialities and immateriality related to the proper presentation of financial statementsnbsp2 what factors
1 what are some of the costs of providing accounting information what are some of the benefits of accounting
1 in january 2005 alan jackson inc doubled the amount of its outstanding stock by selling on the market an additional
1 briefly describe the types of information concerning financial position income and cash flows that might be
1 statement of financial accounting concepts no 5 identifies four characteristics that an item must have before it is
1 three expense recognition methods associating cause and effect systematic and rational allocation and immediate
1 jane hull company paid 135000 for a machine in 2005 the accumulated depreciation account has a balance of 46500 at
1 what is the justification for the following deviations from recognizing revenue at the time of salea installment
1 what is the difference between realized and realizable give an example of where the concept of realizable is used to
1 magnus eatery operates a catering service specializing in business luncheons for large corporations magnus requires
1 when revenue is generally recognizednbsp2 why has that date been chosen as the point at which to recognize the
1 the chairman of the board of directors of the company for which you are chief accountant has told you that he has
1 what is the basic accounting problem created by the monetary unit assumption when there is significant inflation2
1 the life of a business is divided into specific time periods usually a year to measure results of operations for each
1 what are the four basic assumptions that underlie the financial accounting
1 revenues gains and investments by owners are all increases in net assets what are the distinctions among
1 expenses losses and distributions to owners are all decreases in net assets what are the distinctions among
1 why is it necessary to develop a definitional framework for the basic elements of
1 according to the fasb conceptual framework the objectives of financial reporting for business enterprises are based
1 what is meant by the term qualitative characteristics of accounting