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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. Horizontal and vertical analysis? Management carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the wisdom of its past decisions
Debenture holder are those who gives long term loan at specific interest rate in term of cas. Creditor gives only short term credit in term of cash for purchasing of goods.
Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi
Q. Explain Statement of retained earnings? The statement of retained earnings demonstrates the change in retained earnings between the beginning and end of a period e.g. a mont
Other than the Parsimonious forecasting approach, what other financial forecasting approaches are there? Other than the Parsimonious forecasting approach, there are a number of oth
problems and solutions
10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
Q. Explain about Money measurement concept? Money measurement concept. Economic activity is primarily recorded and reported in a common financial unit of measure the dollar in
Current Assets are $70,000, non-current assets are $150,000, current liabilities are $40,000 and long term liabilties are $30,000. What is the debt to equity ratio? 0.47 Stock h
Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In
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