Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Accounting concepts are used in relation to accounting procedures for a specific business enterprise. Some of these are:
Going concern
Verifiable
Accounting period
Accounting entity
Comparable
Historical cost
Accounting equation
Monetary
Prudence
Timeliness
Materiality
Disclosure
For each statement below, select the most appropriate accounting concept or convention (from the list above) and write your answer in the box next to the description. Please note the following:
1
All relevant information and explanations about a business have been included in its financial reports.
2
This concept results from the need to report profit for a particular, arbitrary period of time.
3
It is customary to consider the business enterprise as separate from the personal affairs of the owner so that profit can be determined.
4
This requires understating rather than overstating income and expense amounts that have a degree of uncertainty, so that financial statements do not overstate the company's financial position.
5
Transactions are recorded using the amount paid (or payable) at the time of the transaction.
6
For an accounting record to be made it must be able to be expressed in dollar terms.
7
The treatment of an item in the financial reports of a business depends on its relevance and importance.
8
This concept implies that financial statements do not represent a company's worth if its assets were to be liquidated, but rather that the assets will be used in future operations.
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
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)
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B) If total assets e
Q. Illustrate lower-of-cost-or-market method? Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around th
Analyzing and using the financial results trend percentages It is occasionally more informative to express all the dollar amounts as a percentage of one of the amounts in the b
On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins
Q. Explain Interest revenue? Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accoun
Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The compa
Human Resource Accounting: Way back in the year 1964 the first attempt to comprise figures on human capital in the balance sheet was made through Hermansson that later came to
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd