Video TranscriptOkay, so we are going to understand they don't share orders. Okay, for about that, you understand the what is the relevance of having shareholders? They are, well, no softy or pollution in the old participate in various meetings off the and there is he do picking being off all the But I had obligations. Okay, so what? We Everything here? First of all, they are the owners off a corporation, Okay? Others of a cooperation. They also part respect in various meetings. Okay, not the border. Merrick. This meeting okay, off the entity they deceived doing inform off income being love all the grad obligations. They receive dividend after being off on the plan, obligations, obligations off obligations of the company. So the company pays off all the obligations, and afterwards the company pays off dividend to shareholders. Okay, Now what happens? Many many companies practice being evident on a yearly basis. Okay, Okay. On a yearly lists because they have substantial profit and they know their capacity, so they will be paying dividends on a yearly basis. However, some of them decide on case to case basis like they did the shape the world is that expecting dividends or whether the company has an attentive profit or not. So it depends on case to case basis. However, whenever they pretend will be distributed among issue orders. So forever different amount will be appropriated out off the profit off for India. Look, I have said in simple terms the dividend is paid out off current profit. Well, there accumulated top it. A community means the profit off past years. Okay, two minutes. So then ever these appropriations are made, then dividend account will be You're still will be close to retained earnings account. Okay, Asper the reportings financial reporting standards. Okay, so the pretend will be I've been growing at all. Make sure that they improper dealing, but I'm going toe. Okay, so it will be clothes from detained. Her name's go. Okay. Now how it will be close to retaining his account, bypassing the closing. Angry because in accounting, we have a process off closing the nominal or weakens it. Temporary accounts to permanent and permanent. The culture does accounts which can be carried forward from veneer to next year. So being prepared within the culprit and pretty dresses. Okay. However, we were transferring European this account okay? So So for the current case, the M derived double solution. And that is to be Joyce E. Okay, So in case of different Banadir losing entry who passed on Buddha attained and it's OK, you can know down Cheat one she do or being your books. For which a difference, however, choices correct. That's all forever. Submission. Thank you. Show
CPA Review 7N95F For which type of material related-party transactions does Statement of Financial Accounting Standard No.57, Related Party Disclosures, require disclosure?
6M94F What is the purpose of information presented in notes to the financial statements?
19N93T Which of the following information should be included in Melay, Inc.'s 1992 summary of significant accounting policies?
7N95F A. According to SFAS No. 5, gain contingencies should not be recognized until realized in accordance with conservatism. Relevance is concerned with the usefulness of information for decision making. Consistency relates to the application of the same accounting principles from period to period. Reliability is a qualitative characteristic concerned with representational faithfulness, verifiability, and neutrality.
Question 7N95F 6M94F Solution: A. The purpose of information presented in notes to the financial statements is to enhance the information included in the statements. This may include providing further detail of amounts that are included in totals on the statements. Information should not be improperly presented in the financial statements, and management's responses to auditor comments would not be presented in the statements or the notes to them.
Question 6M94F 19N93T A. Although all of the items listed may be disclosed, the summary of significant accounting policies is used to disclose the selection of accounting policies when the company is choosing among acceptable alternatives. Since a company may select among a variety of acceptable depreciation methods, the selection of straight-line would be an accounting policy.
Question 19N93T Copyright ©
2001 South-Western College Publishing. All Rights Reserved. Which of the following should be included in the summary of significant accounting policies?Certain items are commonly required disclosures in a summary of significant accounting policies: (1) the basis of consolidation, (2) depreciation methods, (3) amortization of intangible assets (excluding goodwill), (4) inventory pricing, (5) recognition of profit on long-term construction-type contracts, and (6) ...
Which of the following would be disclosed in the summary of significant accounting policies disclosure notes?Which of the following should be disclosed in the summary of significant accounting policies? The disclosure of information about major customers is required when the amount of sales to a single customer is 10% or more of the revenue of an entity.
What information about estimates is not required to be disclosed?What information about estimates is not required to be disclosed? The actual numerical estimates typically are not disclosed. Rather, it is the effect of the change which is of interest to financial statement users.
What is the purpose of information presented in the notes to financial statements?The purpose of information presented in notes to the financial statements is to enhance the information included in the statements. This may include providing further detail of amounts that are included in totals on the statements.
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Which of the following information should be included in melay Incs summary of significant accounting policies?
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