User Account

All Pages

Why is important to use the gain and loss accounts

Assignment Help Financial Accounting
Reference no: EM132760911

Problem 1: Why do we have various methods of depreciation. Isn't that encouraging misleading results? Do you have to use the depreciation method that best matches the use of the asset? For example, would all trucks be required to be depreciated under the units-of-activity method.

Problem 2: Why is it important to use the gain and loss accounts when recording disposals of assets. Why can't we credit revenue or debit expense on sales of assets.

Reference no: EM132760911

Questions Cloud

Determine the joint production cost to be allocated : Determine the joint production cost to be allocated to the low- and high-density wood using the net realizable value method
Major contributing factor to organizational success : Supply chain integration is a major contributing factor to organizational success.
Describe at least two typical adjusting entries service-type : Describe at least two typical adjusting entries a service-type business would need to record to bring account balances up to date.
How can you determine if the products claims are true : The American Academy of Dermatology (2018) states that skin cancer is the most common cancer in the United States. One in five Americans will develop skin.
Why is important to use the gain and loss accounts : Why is it important to use the gain and loss accounts when recording disposals of assets. Why can't we credit revenue or debit expense on sales of assets.
The process improvement project : Complete Phase I (Improvement Opportunity) of the Process Improvement Project.
Determine the amount of total and per-unit overhead : Use the overhead rate in (a) to determine the amount of total and per-unit overhead allocated to each of the three products, rounded to the nearest dollar
Is not estimating bad debts way of manipulating net income : After all, the value to the asset has just increased due to the repair. 2. Isn't estimating bad debts a way of manipulating net income.
Why is a accountants have to classify items as capital : Is it true that the higher the depreciation, the lower the net income? If that is the case, why would we not want the lowest depreciation method

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd