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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.
the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6
Q. Describe about Fixed Assets? Fixed Assets can't be quickly turned into cash without interfering with business operations.Fixed assets comprise buildings, land, machinery, fu
TYPES OF FINANCIAL ANALYSIS a) According to the material used, the study can be - i) External analysis : Where analysis is done by exterior interested parties and ii)
1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
Explain the term - Overtime Pay This means a minimum of one and one-half times the regular rate of pay for all hours worked over 40 during the week. (Time and a half) A numbe
explain accounting standard 14
Q. Illustrate a simple accounting system? James Stevens was captivating an accounting course at State University. as well he was helping companies find accounting systems that
A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
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