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Honesty AL, CPA, is compiling financial statement of significant accounting policies, Honesty AL discovers that the method used to value inventory in the past was stated as "inventory was valued by determining what amount would have the most advantageous tax advantage and then using the amount of the ending inventory balance. " Honesty AL proposes to Scranton that they switch to an inventory valuation method that falls under generally accepted accounting principles. If Scranton agrees to the change, how will the change in inventory methods be treated on the financial statements.
Components of Profit and Loss Account The Profit & Loss Account intend to check profit. It has three parts. 1) The Trading Account: These account the money in (revenue)
Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and
what is the implication of applying accounting concepts wrongly
The use of ledger accounts A journal entry is similar to a set of instructions. The execution of these instructions is known as posting. Since stated earlier posting is recordi
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an
Q. What do you mean by Risk management contracts? In the normal course of business the Company utilizes a variety of off-balance-sheet financial instruments to manage its expos
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
Q. Responsibility of Senior accountant? As a senior accountant Tracy will be accountable for the day-to-day management of several audit engagements during the year. She will pl
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