Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. Economic substance of the transaction?
In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that is lawfully a lease may in fact be equivalent to a purchase. A company may perhaps have a three-year contract to lease (rent) an automobile at a stated monthly rental fee. At the end of the lease period the company obtain title to the auto after paying a nominal sum. The economic substance of this transaction is a purchase somewhat than a lease of the auto. Therefore under the substance-over-form concept the auto is an asset on the balance sheet and is depreciated instead of showing rent expense on the income statement. Accountants record a transaction's economic substance somewhat than its legal form.
Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It
Q. Financial reporting about the economic resources? The third financial reporting should provide information about the economic resources of an enterprise the claims to those
Is there nay depreciation needed to perform when the revaluation model is applied to the asset?
During the current year, Mast Corporation expects to produce 10,300 units and has budgeted the following: net income $350,376; variable costs $1,080,800; and fixed costs $105,000
Balance Sheet A balance sheet is a statement for presenting an organization financial position at a particular date, mostly at the end of an accounting period; also calle
In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 40% of selling,
what is the implication of applying accounting concept wrongly
what is Prepaid expense ?
What are the implications of applying accounting concepts wrongly?
Accounting process in operation Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The compa
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd