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Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the information. In this segment we focus on the measurement procedure of accounting. Accountants measure a business entity's liabilities, assets and stockholders' equity and any changes that occur in them. By assigning the result of these changes to particular time periods (periodicity) they can find the net income or else net loss of the accounting entity for those periods.
Accountants measure the variety of assets of a business in different ways. They measure cash at its specific amount. Explains how they measure claims to cash such like accounts receivable at their expected cash inflows taking into consideration possible uncollectible. They measure prepaid expenses, inventories, plant assets and intangibles at their historical costs (actual amounts paid). After the acquisition date they carry a few items such as inventory at the lower-of-cost-or market value. Subsequent to the acquisition date they carry plant assets and intangibles at original cost less accumulated depreciation or amortization. They calculate liabilities at the amount of cash that will be paid or the value of services that will be performed to satisfy the liabilities.
Just i need a news about public interest theory which is after 1 Mar 2013 for my assignment.
Compare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.
Q. Recording changes in revenues and expenses? Examine that Notes Payable, liabilities and increase with an entry on the right (credit) side of the account. Recording changes i
#question.prepare the required adjusting entry for September 30, 2009
procedure followed in government system
Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of
Q. Example of physical inventory? Taking a physical inventory may perhaps disrupt the normal operations of a business. Therefore the count should be administered as quickly and
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
A document or shape used by a customer to issue an order for goods or services. I need notes on 1.Procure to pay cycle with accounting entries 2.give to cash
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