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RaviPatel001 RaviPatel001
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5 years ago
Caesar & Company is planning a major expansion, and is in negotiations with their bank for a loan. The bank requested that Caesar & Co provide them with financial statements as soon as possible after the end of the year. Caesar & Co has several suppliers that are slow to submit invoices, so they are considering making estimates for the amounts associated with those liabilities in order to expedite the preparation of the financial statements for the bank. Discuss the qualitative characteristics that they need to consider.
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Intermediate Accounting

Intermediate Accounting


Edition: 1st
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#1
5 years ago
 This will be a trade-off between verifiability and timeliness. By estimating the amounts for the liabilities, the statements will be less verifiable  because the associated invoices will not be available. However, this will allow them to prepare the statements quickly  and timeliness stipulates that financial information is available to users early enough to assist with decision making.
RaviPatel001 Author
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#2
5 years ago
Thank you for being such a great website leader! Your answer's right.
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