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Q. Explain Periodicity assumption of accounting?
As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its economic activities. Afterwards accountants attempt to prepare accurate reports on the entity's activities for these periods. Even though these time-period reports provide useful and timely financial information for investors and creditors they may be inaccurate for some of these time periods because accountants should estimate depreciation expense and certain other adjusting entries.
Accounting reports cover comparatively short periods. These time periods are typically of equal length consequently that statement users can make valid comparisons of a company's performance from period to period. The length of the accounting period should be stated in the financial statements. For example so far the income statements in this text were for either one month or one year. Companies that publish their financial statements such like publicly held corporations in general prepare monthly statements for internal management and publish financial statements quarterly and annually for external statement users.
UOIT has recently appointed you to prepare an independent consulting report to analyze the university's current financial position and to provide some recommendations for improve
where dose inventory changes aper on the balance sheet
Q. What do you mean by Aging? Aging -- a process where accounts receivable are sorted out by age (typically current, 30 to60 days old, 60 to 120 days old and so on.) Aging perm
Pro forma Financial Statements In accounting, a financial statement in which the amounts begin are fully or partially estimates; from the Latin for "as a matter of form."
Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie
Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of
In recent years, there has been a lot of media coverage about the funding status of pension plans for state employees. In many states, the amount of money invested in employee pens
I''m trying to figure out how do do a journal entry. The question reads...a company purchased land worth $49,000 for an office by paying $6,300 in cash and signing a long term note
This is due to every organization wants profit to operate, and as results the fmcg gods turn to have a moving market than that of the hardware goods, because the products does not
Perpetual and Periodic inventory a) Describe the difference between the perpetual inventory method
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