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Q. Explain about Accounting period?
As those interested in the activities of business need timely information companies must prepare financial statements periodically. To organize such statements the accountant divides an entity's life into time periods. These time periods are habitually equal in length and are called accounting periods. An accounting period may be one month or one quarter and one year. An accounting year or a fiscal year is an accounting period of one year. A fiscal year is a few 12 consecutive months. The fiscal year may perhaps or may perhaps not coincide with the calendar year which ends on December 31. As we illustrate in Exhibit 15, 63 percent of the companies examined in 2004 had fiscal years that coincide with the calendar year. In 2008 the similar figure for publicly-traded companies in the US was 65 percent. Companies in certain industries habitually have a fiscal year that differs from the calendar year. For instance many retail stores end their fiscal year on January 31 to avoid closing their books during their peak sales period. Other companies choose a fiscal year ending at a time when inventories and business activity are lowest.
When we say an asset is at its Net Book Value, Does that mean Cost of asset + Revaluation added - Accumulated Depreciation or Revaluation is not relevant for calculating the NBV?
ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid
Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698
20 hypothetical inventory transactions both sale and purchase
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
when creating a trial balance, which account balances carry over from previous months
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the scope of operation research in modern management
A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an
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