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!
Q. Explain about Accrual basis and periodicity?
Accrual basis and periodicity demonstrated that financial statements more accurately reflect the financial status and operations of a company when prepared under the accrual basis rather than the cash basis of accounting. Under the cash foundation we record revenues when cash is received and expenses when cash is paid. Under the accrual basis though we record revenues when services are rendered or products are sold and expenses when incurred.
The periodicity assumption needs preparing adjusting entries under the accrual basis. With no the periodicity assumption a business would have merely one time period running from its inception to its termination. After that the concepts of cash basis and accrual basis accounting would be irrelevant for the reason that all revenues and all expenses would be recorded in that one time period and would not have to be assigned to artificially short periods of one year or less.
Accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets. Market values are of less implication to a
On January 1, 2012, Muller Co. borrowed cash from Washington Valley Bank by issuing a $100,000 face value 3-year installment note payable that carried a 7% interest rate. The note
Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,
Benefites of Management accounting information To obtain this benefit, businesses have become more 'customer driven' (which is, concerned with satisfying customer needs). This
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine
WHAT DO YOU MEAN BY CUM- INTEREST PRICE
10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
From the following details, prepare a balance sheet acid test ratio = 2.5 current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share capital =? Proprietary ratio =
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: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd