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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. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
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
Q. Show Unearned revenues? Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as
Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Q. Example of sales cycle of company? For several retailers a large percentage of their annual sales occur during the period from Thanksgiving to Christmas. They efforts to sto
Question 1: ‘A pension fund is an arrangement under which an organization makes financial provisions for its employees as well as its senior executives.' (a) What are the r
What is Internal control - Control of cash Internal control refers to procedures and methods a business uses to protect its assets. Checks are written for all transactio
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