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Q. General accepted accounting principles?
In general accepted accounting principles (GAAP) set forth standards or methods for presenting financial accounting information.
A standardized presentation format facilitates users to compare the financial information of different companies more easily. In general accepted accounting principles have been either developed through accounting practice or established by authoritative organizations.
Ordering inventory at a regular and set time interval
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
what are the levels of accounting theory
Q. Example of lower-of-cost-or-market method? A company may perhaps apply LCM to each inventory item such as Monopoly each inventory class (such as games) or total inventory. T
what is the implication of applying accounting concept wrongly
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journal entries and how to calculate entries 1. Braves estimates bad debt expense at 2% of net sales 2. At 12/31/11, 6 months of rent remains on the storage facility Braves lease
A company uses 85 circuit boards a day in a manufacturing process. The person who orders the boards follows this rule: Order when the amount on hand drops to 625 boards. Orders are
Why is it important for accounting information to be accurate and timely?
help with paper on basic transaction processing fr Richard Simmons
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