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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.
These questions are based on the following information and should be viewed as independent situations. Popper Co. acquired 80% of the common stock of Cocker Co. on January 1, 200
Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called
Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accou
ABC Insurance Company offers individual auto and home insurance servicing the East Coast. The company''s home office is located in Albany, New York. However, ABC Insurance Company
Difference between Fica and federal income taxes Employers should file Form 940 with the IRS at the end of every calendar quarter. There are several rules about when to turn i
does immaterial items have to be recorded
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Q. Explain about trade discount? A trade discount is a percentage deduction or else discount from the specified list price or catalogue price of merchandise. Companies utilize
My assignment was due to me by 9:52 my time.
Concept of 'Fund' : The word 'Fund' has a range of meanings. several people take it identical to cash and for them, there is no dissimilarity between Cash Flow and Funds Flow
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