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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.
Determine the Income Statement columns of Worksheet Income Statement columns of the worksheet would comprise the amounts from Adjusted Trial Balance columns which are expenses
The Kauai Surf Company sells high-end surfboards to tourists. The inventory is purchased from a manufacturer in Honolulu.
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services
I need help with accounting 205 week four assignment
Two techniques of accounting for inventory are perpetual inventory procedure and periodic inventory procedure. Under perpetual inventory procedure the inventory account is constant
Q. Effects of bias in terms of accounting? Where there is no correspondence the cause may be (a) bias or (b) lack of completeness. - Effects of bias. Accounting measuremen
Q. Prepaid expenses and deferred charges? Prepaid expenses, deferred charges -- assets already paid for, which are being used up or willexpire. Insurance paid for in advance is
Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts
A career in taxation is by no signifies limited to public accounting. for the reason that there are so many types of taxes impacting so many aspects of our lives tax specialists ac
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