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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.
Q. Describe about Net sales? Sales -- amounts received or due for services or goods sold to customers. Gross sales aretotal sales before any returns or adjustments. Net sales a
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Hi there, I was just wondering I''m not to sure how to describe my assignment, the subject is ACCOUNTING for university level... and it is 100 Level never don''t this paper in high
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.
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
Hermann Industries is forecasting the following income statement: Sales $10,000,000 Operating costs (excluding depreciation and amortization) 5,500,000 EBITDA $4,500,000 Depreciati
how do we credit debit cash received from owner
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Prepare the bank reconciliation and record cash adjustments (LO5) Additi
he chairperson of the accounting department has three summer courses available: Accounting 201, Accounting 202, and Accounting 305. Twelve faculty members are available for assign
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