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Q. Explain about Conservatism?
Conservatism The Conservatism means being prudent or cautious and making sure that assets and net income are not overstated. Such overstatements are able to mislead potential investors in the company and creditors making loans to the company. We apply conservatism while the lower-of-cost-or-market rule is used for inventory. Accountants have to realize a fine line exists between conservative and incorrect accounting.
The next segment of this chapter discusses the conceptual framework project of the Financial Accounting Standards Board. The FASB planned the conceptual framework project to resolve some disagreements about the proper theoretical foundation for accounting.
untangible assets
Problems: Please show all calculations. Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account
assignments
Hi there, I was just wondering I''m not to sure how to describe my assignment, the subject is ACCOUNTING for university level... and it is 100 Level never don''t this paper in high
Funds Flow Analysis : This study is occasionally called as 'Statement of alter in Financial Position". Beneath this analysis, a declaration is prepared which give details the
Q. Explain about Manufacturing companies? Manufacturing companies purchase materials convert them into products and then sell the products to other companies or else to the fin
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
Assorted fund, a U.K.-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an indep
The range of accounting can be presented in a diagrammatic form. Data collection and creation is the area that provides raw material for accounting. The data collecte
Q. Illustrate Exchange-price concept? Exchange-price (or cost) concept (principle). The majority of the amounts in an accounting system are the objective money prices determine
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