January 27

January 27 - Financial Accounting January 27 First extra...

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Financial Accounting – January 27 First extra credit question: What color was Mrs. Obama’s dress? ~accountants are to provide good information to decision makers ~accountants have to prepare this information so that anyone who wants to look at it, can. ~the accounting information has to be understandable for all those who are willing to take the time to read it ~the information must also be relevant (about the right stuff) and reliable (must be accurate) ~you can’t have both at the same time so you must find good middle ground ~Comparability: ~companies in the same industry do things the same way ~Consistency: ~same firm, different years ~materiality: ~we want our information to be material ~is it big enough to make a difference? Second extra credit question: Mrs. Obama sat in the balcony, Significant groups of people sat on either side of her, a family on one side, and a person on the other. Name one of them. ~Conservatism:
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January 27 - Financial Accounting January 27 First extra...

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