Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

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Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 1, Problem 4DQ

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Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

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Answer 2

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Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 1, Problem 4DQ

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Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

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Answer 3

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Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 1, Problem 4DQ

To determine

Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

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Answer 4

Question

Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 1, Problem 4DQ

To determine

Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

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Answer 5

Chapter 1, Problem 4DQ

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Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

Answer 6

Chapter 1, Problem 4DQ

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Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

Answer 7

Chapter 1, Problem 4DQ

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Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

Answer 8

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Ch. 1 - Prob. 1MCQ Ch. 1 - Prob. 2MCQ Ch. 1 - Prob. 3MCQ Ch. 1 - Prob. 4MCQ Ch. 1 - Prob. 5MCQ Ch. 1 - Prob. 6MCQ Ch. 1 - Prob. 7MCQ Ch. 1 - Prob. 8MCQ Ch. 1 - Prob. 9MCQ Ch. 1 - Prob. 10MCQ

Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

Solution Summary: The author explains the use of data analytics in financial reporting and tax planning.

Explain how data analytics might be used in financial reporting and how it might be used in doing tax planning.

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