Referring to the qualitative characteristics of accounting information, indicate the fundamental characteristic and its related attribute (confirmatory
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Use of Accounting Information a. This year's reported earnings per share is $.50 Fundamental Characteristic Attribute below analysts' forecasts. b. Potential creditors review a company's long- term liabilities footnote to determine that entity's ability to assume additional debt. c. A corporation discloses both favorable and unfavorable tax settlements d. A company discloses the write off of an accounts receivable. The receivable due from a major customer accounts for 35% of the companys current assets e. A financial analyst computes a company's five year average cost of goods sold in order to forecast next year's gross profit margin.
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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