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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 Braggs & Struttin' Company produces an engine for carpet cleaners called the "Snooper." Budgeted cost and revenue data for the "Snooper" are given below, depends on sales of 40
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
A career in taxation is by no signifies limited to public accounting. for the reason that there are so many types of taxes impacting so many aspects of our lives tax specialists ac
Q. What is Accounts Receivable account? Envisage a company with an Accounts Receivable account and an Accounts Payable account in its general ledger as well as no Accounts Rece
Cartwright inc has $1,000,000 of 10% bonds outstanding on December 31, 20x8. On January 1, 20x9 adams corp and 80% owned subsidiary of Cartright, inc purchases a $250,000 part of c
Q. Explain cash basis of accounting? Professionals such as lawyers and physicians and some relatively small businesses may account for their revenues and expenses on a cash bas
Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
Q. What is Intangible Assets? Intangible assets consist of the nonmonetary, noncurrent, nonphysical assets of a business. Companies should charge the costs of intangible assets
Compute each of the following amounts Company reported current assets of $80,000, non-current assets of $350,000, current liabilites of $32,000 and long term liabilities of $120,00
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