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Answers: INTRODUCTION The auditing concept has gained the importance when the incident of the global financial crisis have happened which have occurred in the middle of the 2007 and has been ended in the year of 2009 but has the after effects for so many years. Earlier the auditor was not bound in any manner for the reporting of the matters that can have the significant impact on the reporting of the financial statements have now been bound w...Read More
Answer: ASSESSMENT PART A Any information contained in the financial statement helps an investor or other user in the economic decision-making process. However not every and any information can be beneficial for the users of the financial statement. There are few qualities which this financial information should possess to satisfy their purpose of helping the users (Elimam, 2017). The following are all qualitative characteristics . ...Read More
Answers :- Cash Flow Statement Requirement [i] The cash flow statements is considered as a major financial statements that depicts the major changes in the accounts of balance sheet and income that affect the cash and cash equivalent of the companies. Cash Flow from Operating Activities: In Wesfarmers, the major items under Operating Activities are receipts from the ...Read More
Answers: INTRODUCTION Accounting is the basis of any concern that’s running an economic activity. Accounting involves presenting information to all the stakeholders of the business concern in a manner that enables them to make decisions full of worth to them. Entities present business financials to the public through the annual reports. These reports contain all the statements that are required to be presented to public. Out of all thos...Read More
Answer: Answer A: In order to extend the financial performance of a firm, qualitative features of an organisation is required to produce their financial statement. These are made in such a way that that it can aim the qualitative ideologies of the same so as to guide the investors in their endeavours. According to the (Chaudhry, 2015), major parts that are considered under the...Read More
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