Information is reasonably free from error. c. Information that is measured and reported in a similar fashion across companies. d. Information is timely. 35. What is meant by consistency when discussing financial accounting information?
Information is reasonably free from error. c. Information that is measured and reported in a similar fashion across companies. d. Information is timely. 35. What is meant by consistency when discussing financial accounting information?
What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method? When is the trial balance prepared?
(3-6 sentences. 2.0 points) -I would you it as a bank. I trust its quality and information. 2. Visit the website of a second large national bank, regional bank, or credit union, and use the information you find there to answer the questions below.
1. Describe a real or made up but realistic situation that could cause you or someone you know to have to use money from a financial reserve. (3-6 sentences. 2.0 points) Like having to get a car. Another situation could be house repairs.
2. Name at least one alternate option to establishing credit if you are unable to get a credit card yet. (0.5 points) Co-signing is a way to take advantage of someone else's credit history in order to get a credit card. 3. What is debt services default?
Going concern principle: The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless the evidence shows that it will not continue. Objectivity principle: The accounting guideline that requires financial statement information to be supported by independent , unbiased evidence rather than someone’s opinion; objectivity adds to the reliability, verifiability, and usefulness of accounting information. Cost principle: The accounting principle that requires financial statement information to be based on actual costs incurred in business transactions; it requires assets and services to be recorded initially at the cash or cash equivalent amount given in exchange. Revenue recognition principle: Provides guidance on when revenue should be reflected on the income statement; the rule states that revenue is recorded at the same time it is earned regardless of whether cash or another asset has been exchanged. Business Organizations Single proprietorship: A business owned by one individual, which is not organized as a corporation; also called a sole
financial technical bulletins. : Question 2. Question : (TCO 2) Enhancing qualitative characteristics of accounting information include each of the following, except timeliness. materiality. comparability.
They should rely on the additivity within financial statements- the analyst can rely on the internal discipline of accounting across the three primary financial statements to reduce the possibility of errors from inconsistent assumptions. Seven step forecasting game plan 1. Project revenues from sales and other operating activities 2. Project operating expenses and derive projected operating income 3. Project the operating assets that will be necessary to support the level of operations projected in steps 1 and 2.
If you have a bad relationship to your parents or somone you care about. The cause of why Tibi has anorexia is that she has low self confidence, and she started dieting. 3. She is lonely, and her friends don’t wanna be with her because she is so thin. In the beginning she got