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Q. Effects of failing to prepare adjusting entries ? Failure to organize proper adjusting entries causes net income and the balance sheet to be in error. You are able to see the
Whats the use of accounting in our everyday life?
Q. Explain Periodicity assumption of accounting? As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its econ
If a customer payment data was lost and needed to be reconstructed what are some of the ethical considerations the business owner would need to consider? This may include internal
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
Q. Illustrate Exchange-price concept? Exchange-price (or cost) concept (principle). The majority of the amounts in an accounting system are the objective money prices determine
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
owner invested 80000 cash and 2000 office equpmeent in to the business bank account
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