According to this concept‚ it is assumed that the business will continue for a fairly long time to come. There is neither the intention nor the necessity for the purpose of liquidating the particular business venture in the foreseeable future. This is because if the results of the business operation were to be accounted for on the basis of the expected liquidation it would be almost impossible for suppliers to supply goods and services and other business firms to enter into any economic transactions
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The accruals and going concern concepts are regarded as fundamental in the preparation of financial statements. Discuss the advantages and disadvantages of these concepts‚ explaining the reasons why these concepts may be difficult to apply or may be inconsistent with other concepts. Accounting statement and records are a periodic summary of account activity within a period and the documentations involved in the preparation of it (Thomas and Ward‚ 2012: 4). They are done based on a set of rules developed
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Going Concern in a Credit Crisis – Call for Your Views Steve Priddy Director of Technical Policy and Research October 2008 You can comment on this piece at http://discuss.accaglobal.com/view_topic.php?id=49&forum_id=62 One of the fundamental accounting concepts is that financial statements are prepared on a going concern basis – that is that there is an underlying assumption that the entity will continue in operational existence for the foreseeable future and that the entity has neither the intention
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ISA ISA 570 November 2008 International Standard on Auditing Going Concern INTERNATIONAL STANDARD ON AUDITING 570 Going Concern Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in November 2008 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control‚ Auditing‚ Review‚ Other Assurance and Related Services; Glossary
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Visual Merchandising -Concepts & Concerns- by Ramya Raamanathan Visual Merchandising -Concepts and ConcernsVisual Merchandising‚ Handloom & Home Textiles-A Historical PerspectiveVisual Merchandising has been always one of the weakest aspects of Handloom and Home Textile marketing. For much of the time‚ Availability and opening of newer outlets was the prime objective rather than effective visual merchandising. Reach rather than visual quality of point of purchase was the consideration.
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Sarene Su Acct 597 First Draft INTRODUCTION BACKGROUND AND HYPOTHESIS Going-Concern Opinions and Bankruptcies Auditors can make two types of misclassification errors regarding going concern Auditor’s Dilemma on the Issuance of Going-Concern Opinions Although SEC and other legislative bodies have provided significant litigation relief to auditors making Type II misclassification errors‚ the cost of making Type II misclassification can still be quite large (Geiger and Raghunandan)
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Advantages: The major advantage‚ undoubtedly‚ is that the use of green technology reduces the pollution of the environment. The damage that is usually done to the environment when hotels use diesel products is very catastrophic. Diesel products emit a lot of hydrocarbons into the air that cause global warming‚ which is known to hamper marine life and make some species of the marine bio diversity extinct. However this can be avoided if the industry adopts green technology. The industry has
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decisions of your life. College is classified as one of the biggest milestone of an individuals life‚ and the best. Going to college and seeking a degree you are more than likely to achieve success. Attending and graduating college guarantees a better life and more opportunities. You get to have a part in that college experience. I believe people should go to college and I am going to explain why. First‚ with a college degree‚ a better life and more opportunities are likely (not guaranteed
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Information Technology and the ‘Going Paperless’ Concept The idea of a company’s business operations venturing into a paperless environment from a paper-filled filing cabinet clutter is not a new concept. The aspiration for a paperless environment was conceived in the minds of management beginning over twenty years ago‚ dating back to manufacturers and the idea of paperless workstations. (Weber) Unfortunately‚ the businesses then were forced to delay paperless environment execution due to a
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UMUC ASIA WRTG 101 - INTRODUCTION TO WRITING Shields FS2‚ 2009 Monday and Wednesday‚ 2000-2245 Instructor e-mail: melley@informatik.fh-kl.de Student: Brianna Whales Student e-mail: boxer22@hotmail.com ASSIGNMENT: A5 Title: Advantages of Going to a Year-Round School All primary and secondary schools in the United States need to change from the traditional schooling system to the newer educational system of a year-round schooling system. A traditional school system is one where students
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