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Accounting policies
Accounting policies are the specific assumptions, bases, principles and practices that are adopted by firms in preparing financial statements. The standard requires that companies follow the policies consistently from one financial period to the next.A company should be guided by accounting standards or the current practices in choosing and applying accounting policies. The standard allows firms to change their accounting policies when;
When a company changes its policies, then the change should be accounted for respectively i.e. the previously reported financial statements should be adjusted/restated to reflect the new policy for comparison purposes.
Suppose that the one-period rate is 4%. Explain why a two-period rate of 6% cannot be an equilibrium when individuals expect the one-period rate to remain constant.
methods of preparation of trial balance
The functional currency method (formerly temporal method) Under this method, the branch is considered to be an extension of the head office and this is reflected by the trading
Persons Who May Petition A petition may be presented by any of the following: A Creditor : A creditor may petition if his debt exceeds Shs 1,000 and is undisputed. The ord
conduct a-what-if-analysis
XYZ Corporation recieves $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a a debit to investment b credit
The three certainties A trust will be valid only if the three certainties are present i.e. certainty of words, certainty of subject, and certainty of objects. 1. Certainty
USING PROPER ILLUSTRARTION,ELLOBORATE ON THE REGULATORY FRAMEWORK THAT SUPPORTS FINANCIAL REPORTING IN NON PROFIT ORGANISATIONS.
Grand Champion, Inc., purchased America's Sweethearts Corporation on January 1, 2013. At the time, America's Sweethearts had $750,000 of identifiable assets and $525,000 of liabili
Q. Cost related issue of debt? Debt is cheaper in comparison of equity because debt is less risky from an investor point of view. This is for the reason that it is often secure
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