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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.
Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th
A swap valuation method which involves summing and computing the present value of each and every future net settlement and would be required by the contract terms either future s
Q. Describe about Assets? Assets are things of worth owned by the business. They are as well called the resources of the business. Illustration includes machines, cash and buil
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Scott Manufacturing Co.'s static budget at 10,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 12,000 un
briefly explain the accounting concepts which guide the accountant at the recording stage
Q. First-in first-out inventory? FIFO (first-in first-out): Ending inventory contains of the most recent purchases. FIFO presumes that the costs of the first goods purchased ar
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