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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.
in 2011 hardin company had 220000 shares $10 par common stock, march 1 issued 45000 shares at $22, June 1 issued 15% stack dividend, July 1 issued 10000 at $27, Aug 31 2-for-1 st
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Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial stat
A of surat consigned goods to b of jaipur
Wyatt and Truett formed a partnership investing $330,000 and $110,000 respectively. Determine their participation in the year''s net income of $420,000 under the following assumpti
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ABC Insurance Company offers individual auto and home insurance servicing the East Coast. The company''s home office is located in Albany, New York. However, ABC Insurance Company
Q. Why we need book value? Book value -- total assets minus total liabilities. Book value also meansvalue of an asset as recorded on the company's financial reports or books. B
Why is a provision for depreciation made in the financial statements? A to charge the cost of non-current assets against profits B to make a provision for repairs C to mak
Harry and Sally were divorced three years ago. In July of the current year, their son, Joe, broke his arm falling out of a tree. Joe lives with Sally and Sally claims him as a de
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