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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.
collection of data and methodology
Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
Pro forma Financial Statements In accounting, a financial statement in which the amounts begin are fully or partially estimates; from the Latin for "as a matter of form."
what is the BRS
How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)
I''m trying to figure out how do do a journal entry. The question reads...a company purchased land worth $49,000 for an office by paying $6,300 in cash and signing a long term note
how its help
explain the 5 modern techniques of accounting
how to do
Q. Explain about Trial balance? Trial balance -- at the close of an accounting period, transactions posted in the ledger areadded up. A trial or test balance sheet is prepared
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