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The functional currency method (formerly temporal method)
Under this method, the branch is considered to be an extension of the head office and this is reflected by the trading arrangement between the head office and branch.In most cases the head office will send goods to the branch and the branch will remit the proceeds on sale of these goods to the head office. Any exchange gain or loss arising from translating the results of the branch is treated as profit and loss item reported as an income or an expense.
Prepare Partial Income Statement through FIFO, And LIFO Methods The records of XYZ Restaurant Supply include the following accounts for cases of coffee cups at December 31 of t
Q. Show example on Ratio calculations? The current gearing of Springbank plc = 100 × (3·5m/4m) = 87·5% Total debt after issuing $3·4m of debt = 3·5m + 3·4m = $6·9m New le
please help me on the current lay out of the departmental accounts
NSC Ltd has a 31 may fiscal year end
Q. What do you understand by Partnership? Partnership - Relationship between two or more persons based on anoral, written or implied agreement whereby they agree to carry on a
Revenue recognition is a joint project of financial accounting standard board and international accounting standard board.1.identify the roles and objectives of FASB and IASB?.2. W
Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass
#what are the limitations or disadvantages of accounting concept?
On May 1, 2010, Ziek Corp. declared and issued a 10% common stock dividend. Prior to this dividend, Ziek had 100,000 shares of $1 par value common stock issued and outstanding. The
The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2011, the
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