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Q. Show Approximation of periodicity?
Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncollectible accounts and the useful lives of depreciable assets. Ambiguity about future events prevents precise measurement and makes estimates necessary in accounting. Auspiciously these estimates are often reasonably accurate.
1. Under the FIFO Cost Flow Assumption during a period of inflation, which of the following is false? WHICH OF THE FOLLOWING IS NOT TRUE a. Income tax expenses will be hig
Q. External users of accounting information? The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers
Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
Steps in recording business transactions Look at Exhibit 5 to observe the steps in recording and posting the effects of a business transaction. Note that a source document offe
If on the opening day of business, you put in supplies worth $250 and $3000 cash, would that be considered a transaction OR would it be considered your beginning balances because
wat is assets and its types?
List of things to include in a trial balance before adjustments
office supplies on hand at year-end amounted to 3000.
formation of partnership and changes in constitution of parternship
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