Accounting

account I - A. Representational faithfulness is accomplished when proceeding and events affecting the entity are presented in financial statements in a manner that is in agreement with the actual underlying minutes and events (CICA, Financial statement Concepts 1000.21 (a), 2003). It means that all of information in the financial statement such as numbers and descriptions must(prenominal) be factual. The independent auditors checked the computer ID tags on separately instalment of equipment to confirm the actual numbers, and for that reason Byrn Company observes the eidetic faithfulness that is one of subsets of reliability. I - B.

The consistency principle states that businesses should wont the homogeneous accounting methods and procedures from period to period (Harrison, Horngren, Lemon, & Lemon, 2004, p. 279) thence the financial statement of Carroll Company violates the consistency principle. I - C. The time-period idea ensures that accounting information is re...If you want to get a respectable essay, clubhouse it on our website: BestEssayCheap.com

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