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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.
Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)
What are the issues related with Accounts receivable? Ans) As the Accounts Receivable, you will: ? Oversee and determine all issues related to cash application to make sure
How do I do case problem level 1 for chapter 3 of succeeding in business with Microsoft excel 2013?
Q. Financial reporting about the economic resources? The third financial reporting should provide information about the economic resources of an enterprise the claims to those
Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit
I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Trend Analysis : In the relative and common size financial statements, the data cannot be identified whether it is abnormal or normal as an essential standard is absent. To con
General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i
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