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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.
Describe the mechanisms that WorldCom's management used to transfer profit from other time periods to inflate the current period.
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that wer
Define Carriage outwards.
A patent costing $500,000 was purchased on July 1. The company expects the patent to be useful for 5 years. How much amortization expense is reconized on December 31?
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
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An accounting is a service function. The main accounting executive through whatever name he is termed as holds a staff position except inside his own department where he exerts aut
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