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Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprise.1. A change from including the employer share of FICA taxes with payroll tax expenses to including it with "Retirement benefits" on the income statement.2. Correction of a mathematical error in inventory pricing made in a prior period.3. A change from presentation of statements of individual companies to presentation of consolidated statements.4. A change in the method of accounting for leases for tax purposes to conform with the financial accounting method. As a result, both deferred and current taxes payable changed substantially.5. A change from the FIFO method of inventory pricing to the LIFO method of inventory pricing.
In this type of system store balances are recorded and computed after all receipt and issue. The main focus of this system is to make obtainable details regarding the quantity and
FSN Analysis: In this method inventory items are classified as per the usage/consumption pattern. They are categorizing as: Fast Moving (F) items are stored in huge quant
Investments under the Trustee Act The act defines the categories of investment as follows: 1. Fixed interest securities are: Securities which under their te
Q. Evaluation of Net working capital? The evaluation presumes that several key variables will remain constant such as the inflation rates, discount rate and the taxation rate.
Notice an Rs.50, 000 investment in a one year fixed deposit and rolled over yearly for the subsequently two years. The interest rate for the primary year is 5 percent yearly and
an asset has a useful life of 4 years.If it is depriciated by diminishing balance method.Its book value at the end of 4 years is 24% of its original cost.Hence the rate of depricia
The Operating Cycle Two Wheeler Cycle Shop buys all of its bikes from one manufacturer, Baxter Bikes. On average, bikes are on hand for 45 days before Two Wheeler sells them. The c
ACCOUNTS REQUIRED This can be summarized depending on the nature of the situation. In a receivership you may be required to prepare a receivers receipt and payments. In the pro
Surviving Spouse - This is a person whose wife or husband died during tax year. A surviving spouse can file a JOINT RETURN for the year in which death occurred. Additionally a join
During 2012, Kimmel Co. incurred average accumulated expenditures of $600,000 during construction of assets that qualified for capitalization of interest. The only debt outstanding
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