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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.
Dunmore Coal and Iron purchased $1,000,000 in corporate bonds and 500,000 shares of common stock in its competitor, Olyphant Iron. Dunmore plans to hold onto the bonds until the ma
Q. Explain about financial statement? The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstr
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
Q. Responsibility of Leader and expert? As a partner in the firm Tracy will have numerous broad responsibilities. She will engage in business development, high-level client ser
Accounting concepts are used in relation to accounting procedures for a specific business enterprise. Some of these are: Going concern Verifiable
In earlier section, we had illustrated accounting as the language of business. Along with language, accounting has several dialects. There are dissimilarities in terminology. In de
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par -
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
effects of technology in banking sector
Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w
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