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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.
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie
Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s
We are here left along with statement (d) that defines an accountant as a professional and emphasize his pre-occupation within management of information for internal utilization as
What is the latest change taking place in the accounting world that will make a big difference to the way accountants prepare accounts?
Q. What is Cyclic reporting? Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the
Honolulu Cookie Company provides the following information in order for you to prepare the company's bank reconciliation: Balance per company
Q. Explain cash basis of accounting? Professionals such as lawyers and physicians and some relatively small businesses may account for their revenues and expenses on a cash bas
Acquired a shop on monthly rent for Rs. 3,000 after paying cash Rs. 36,000 as advance rent ??
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
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