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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.
Cash Book: It is one of the Subsidiary Book which is usually used by any business organisation to record all the cash transactions which helps to know the cash position as and when
wat is assets and its types?
Illustrate the subsequent Accounting Concepts: a) Dual Aspect concept b) Materiality concept c) Matching concept d) Conservatism concept
Profitability refers to a company's ability to obtain profits and positive cash flows and to its ability to obtain an adequate return on invested capital or a company's ability to
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
Benefits of Purchases Discounts Purchases Discounts account is used to record discounts given for prompt payment. To prove ACCOUNTS PAYABLE LEDGER , you will look at bala
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Why it is important for independent auditor to be a member of a professional body?
Q. Define purchase discounts and purchase returns? Two general deductions from purchases are (a) purchase discounts and (b) purchase returns and allowances. In the general ledg
Full form= Winter compensation from contributions.
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