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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.
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry
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
what accounts go into a balance sheet
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
Q. How does asset cash increase? An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned S
Q. Can you explain about Liabilities? Liabilities -- amounts owed by a company to others. Current liabilities are those amounts duewithin one year or less and generally include
Provided services on credit to Yamato P/L $5 900. How do we apply this in the t accounts
accepted#
Q. Show Sales returns and allowances? Sales returns and allowances Merchandising companies typically permit customers to return goods that are defective or unsatisfactory for a
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
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