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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.
What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
Q. Show Timing of expense recognition? The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite ex
Assignment On accounting is language of business
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
FICA Tax (Social Security) Both the employee and the employer contribute equally. OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar y
While mainly students are aware that accountants frequently assist their clients with tax returns and other tax issues, few are aware of the large number of diverse and challenging
stpes to be taken prepaing for final accounts
Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar
TYPES OF FINANCIAL ANALYSIS a) According to the material used, the study can be - i) External analysis : Where analysis is done by exterior interested parties and ii)
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
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