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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.
Illustrate Sales returns.
Workout Expenditures Professional fees (legal, accounting, appraisal) paid to entities unaffiliated with the investment company's advisor or sponsor in connection with any of t
Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
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There are over 5,000 banks in the United States-more than 10 times the number per person than in other industrialized countries. A recent study suggests that the long-run average c
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random
Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un
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