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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. What is dividend? One idea of the statement of retained earnings is to connect the income statement and the balance sheet. The statement of retained earnings describes the c
Analyzing and using the financial results trend percentages It is occasionally more informative to express all the dollar amounts as a percentage of one of the amounts in the b
Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co
Why to and by using in journal, trading a/c, p&l a/c and ledger?
define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
Present value -- a notion that compares the value of money available in the future with thevalue of money in hand today. For instance $78.35 invested today in a 5% savings accountw
Complete a descriptive analysis of the following data elements in the Organizational Assessment Study dataset. Use appropriate graphical tools and descriptive statistics to charact
Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
Calculate, CPA, is compiling a cash flow statement for his client, Happy Hal Printing. Over the course of the year Happy Hal acquired new equipment by putting down half of the purc
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