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(a)
Accounting Standards: For uniformity and transparency, all the companies and business entities are required to maintain their accounting records under the frame work of rules and guidelines set by the Accounting standards setting bodies in consultation with the professional accountants and the business.
To Explain: The accounting information and the generally accepted accounting principles (GAAP).
(b)
To comment: On the person S’s suggestion of reporting to the prospective investors conforms to the qualitative characteristics of accounting information, and to discuss the things which person S wants to include in the information for investors will conform to the financial reporting guidelines.
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Chapter 2 Solutions
Financial Accounting, Binder Ready Version: Tools for Business Decision Making
- Wiggles Right forecasted sales of $5,000 in October, $4,000 in November, and $4,000 in December. All sales are on credit. 40% is collected the month of sale and the remainder the following month. How much is collected from accounts receivable in November? Helparrow_forwardProvide correct answer financial accounting questionarrow_forwardhelp me to solve this accounting questionsarrow_forward