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Q. What is Consistency?
Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscriminate switching of accounting principles or methods such as changing inventory methods every year. But consistency doesn't prohibit a change in accounting principles if the information needs of financial statement users are better served by the change. When a company makes a alter in accounting principles it must make the following disclosures in the financial statements (a) nature of the change (b) reasons for the change (c) effect of the change on current net income, if significant and (d) cumulative effect of the change on past income.
Q. Explain about Cost of goods sold? Cost of goods sold is the main expense in merchandising companies. Note the cost of goods sold segment of the classified income statement i
Accounting process in operation Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The compa
Q. Show Unearned revenues? Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as
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
Q. Show Transactions affecting the income statement? To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services
What is procedure for testing after implementation as functional consultant? Ans) Testing involves a step by step check of several transactions configured in the SAP system.
#quesDance fans switch away from dance music to R&B music AND the price of MP3 players decreases. tion..
I just want part A and Part B including ppt slides to present.
AsCompare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.k question #Minimum 100 words accepted#
Perpetual and Periodic inventory a) Describe the difference between the perpetual inventory method
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