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Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprise.1. A change from the completed-contract method to the percentage-of-completion method of accounting for long-term construction-type contracts.
2. A change in the estimated useful life of previously recorded fixed assets as a result of newly acquired information.
3. A change from deferring and amortizing preproduction costs to recording such costs as an expense when incurred because future benefits of the costs have become doubtful. The new accounting method was adopted in recognition of the change in estimated future benefits.
Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet w
trading a/c,p/l a/c and balace sheet
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material
Q. What is Permanent Negotiating Machinery? Two Federation of Union All Indian Railway men's federation (AIRF) & National Federation of Indian Railway (NFIR) men have been reco
Funding the investment by an issue of ordinary shares could tender several advantages to Springbank plc. Gearing would drop to 47% (3·5/7·4) fewer than half of the sector average o
explain accounting concepts and conventions?
Tony is a salesperson at a local auto showroom. He asks you to assist him in developing a tool for calculating purchase and lease payments. He has already developed a draft of the
This assessment item may be completed either individually or in groups of two (2) students. The group mark on both assessment items will be given to both students. Please ensure
how do you record this transaction? May 18 Issues 30,000 additional shares of $2 common stock for $75 per share. May 25 Issue 8,000 shares of preferred stock for $125 per sha
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as tehy prepare and issue financial statements. Let's start by getting an understanding of wh
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