FIN621 MIDTERM SOLVED PAPERS
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Financial Statement Analysis:
IN a way, the equation shows the use of funds and fund resources. In other words, it shows what a business OWN and what OWE. Alternatively, the accounting equation or balance sheet is a description of the total assets of the enterprise vis-à-vis applicants for these assets. Within elements, there would be sub-elements, for example, an “Asset” element or account.
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FIN621 MIDTERM PAST PAPERS BY MOAAZ:
Hence this equation shows the financial situation as of a certain date. The three degrees in the equation are elements of the Balance Sheet. Similarly, the elements of the income statement would be revenues and expenses and their net effects on Equity.
FIN621 MIDTERM SOLVED PAPERS:
would consist of cash, receivables, land, buildings, etc. Every financial transaction affects s two or more elements or sub-elements of the equation for calculating Ac. Therefore we can say that every financial transaction affects the balance sheet, i.e. the financial position of the company. That would be clear from the following illustration.
FIN621 MIDTERM SOLVED PAPERS BY MOAAZ:
This assumption is also closely related to the cost principle because without the concept of “going concerned” accountants would have to record all current assets price instead of historical costs. iv) The principle of objectivity: clear, factual bases for property valuation; transaction measurement objectively.