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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. Show Journalizing adjusting entries? Subsequent to completing Micro Train's financial statements from the work sheet you should enter the adjusting entries in the general jo
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
1. Whate are the challenges faced in trade and solutions those problems?
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
State the term - Partnership A partnership exists where at least two individuals carry on a business together with intention of making a profit. Partnerships have much in commo
stpes to be taken prepaing for final accounts
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable
Q. What is depreciable amount? The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the
Though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control, its assets have been sold off and responsibili
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks
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