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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.
Fund flow deals with transaction within financial year (One year) while Cash flow Statement record only the cash transaction.
BRS - Bank Reconciliation Statement A bank reconciliation statement is a declaration organized by organizations to reconcile the balance of cash at bank in a company's own rec
Using the data from the Dell Computer annual report determine how Dell calculated the four days' supply of raw materials. Do you think four days'supply is a valid
Notes to financial statements
what is the implication of applying accounting concepts wrongly
I want a company law assignment
State about the Reporting sales taxes collected SALES TAX PAYABLE - CREDIT BALANCE SALES RETURNS INVOLVING A SALES TAX Tax should also be returned to the customer.
Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims
The cost of goods sold section Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Ne
Q. Example of lower-of-cost-or-market method? A company may perhaps apply LCM to each inventory item such as Monopoly each inventory class (such as games) or total inventory. T
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