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Q. Modifying conventions on Materiality?
The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however theoretically incorrect manner. The basic question accountants must ask in judging the materiality of an item is whether a knowledgeable user's decisions would be different if the information were presented in the theoretically correct manner. Otherwise the item is immaterial and may be reported in a theoretically incorrect but expedient manner. For example for the reason that inexpensive items such as calculators often don't make a difference in a statement user's decision to invest in the company they are immaterial (unimportant) and may be expensed when purchased. But because expensive items such like mainframe computers usually do make a difference in such a decision they are material important and must be recorded as assets and depreciated. Accountants must record all material items in a theoretically correct manner. They may perhaps record immaterial items in a theoretically incorrect manner merely because it is more convenient and less expensive to do so. For instance they may debit the cost of a wastebasket to an expense account rather than an asset account even though the wastebasket has an expected useful life of 30 years. It merely isn't worth the cost of recording depreciation expense on such a small item over its life.
Hugo Company has a five-day workweek and pays salaries of $35,000 each Friday. 1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday. 2. Prep
I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
got 1 question for accounting for business its a 25 min question? can you help in this?
Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount
80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto
what is the accounting?
introduction,features,objectives,types of branches,difference between branches and departments
Q. Show depreciation formula with example? The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is: Annual deprecation = (
#Q. Example on closing process?
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