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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.
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
Q. Learning objectives of current ratio? - Analyze the transactions by examining source documents. - Journalize the transactions in the journal. - Post the journal entrie
#question.prepare the required adjusting entry for September 30, 2009
If the amount in supplies expense is the january 31 adjusting entry and $650 of supplies waw purchased in january what was the balance in supplies on january 1
Illustrate the structure of brain Brain is capable of changing its structure in numerous ways. Synapses become stronger and denser. Tiny blood vessels increase in size and numb
Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014 . At the beginning of that year, 150,000 shares of common stock were outstanding. On
A time of 12 consecutive months used by an organization to account for and report the results of its operations.
The owner's equity of Logan's company is equal to one quarter of the total assets. Liabilities equal $60,000. What is the amount of owner's equity?
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
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