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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. Explain about Accrued liabilities? Accrued liabilities are liabilities not so far recorded at the end of an accounting period. They represent responsibility to make payments
An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liabil
An accounting is a service function. The main accounting executive through whatever name he is termed as holds a staff position except inside his own department where he exerts aut
What time is it?
Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate
Q. Financial accounting standards boards conceptual framework? Experts have discussed the exact nature of the basic concepts and related principles composing accounting theory
At the end of the current year, $19,900 of fees have been earned but not billed to clients. • a. What is the adjustment to record the accrued fees? Indicate each account affecte
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
XYZ plc provides engineering and consultancy services to the oil and gas industry. Over the past few years, they have incurred expenditure of £1m researching and developing a new
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
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