FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Management by Exception
A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in a…
Question

What is the objective of all Financial Statements


 A complete set of financial statements includes
 State at least 4


 What is the criteria for current assets


 What is the criteria for current Liability


 Explain the following concepts
 Going concern
 Accrual basis of accounting
 Consistency of presentation
 Materiality and aggregation
 Offsetting

 Structure and content of financial statements in general


 some information must be displayed prominently, 
and repeated as necessary State the information

 

 State any 8 line  items to be included on the face of the
 statement of financial position

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