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Q. What is Consistency?
Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscriminate switching of accounting principles or methods such as changing inventory methods every year. But consistency doesn't prohibit a change in accounting principles if the information needs of financial statement users are better served by the change. When a company makes a alter in accounting principles it must make the following disclosures in the financial statements (a) nature of the change (b) reasons for the change (c) effect of the change on current net income, if significant and (d) cumulative effect of the change on past income.
A Bank reconciliation manipulates cross verifying the entries in the cash book(bank balance)with that of pass book. Mostly the reasons for disagreement of cash book with that of
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i
Compute each of the following amounts Company reported current assets of $80,000, non-current assets of $350,000, current liabilites of $32,000 and long term liabilities of $120,00
Q. Database management system - accounting perspective? A database management system stores related data-such like monthly sales data products, salespersons, customers and sale
What is the end-of-period worksheet Show Trial Balance-debits MUST EQUAL credits Show Adjustments-debits MUST EQUAL credits Carry adjustments forward to Adjusted Trial Ba
Q. Show accounting deception situations? In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from
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