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Q. Consistency in accounting principle?
Consistency necessitates that a company use the same accounting principles and reporting practices through time. Consistency makes possible comparability of financial information for a single company through time. Comparability between companies is more complicated because they may account for the same activities in different ways. For instance Company B may perhaps use one method of depreciation while Company C accounts for an identical asset in similar circumstances using another method. A high degree of inter-company comparability in accounting information doesn't exist unless accountants are required to account for the same activities in the same manner across companies and through time.
Accountants should consider one pervasive constraint and one threshold for recognition in providing useful information. First the benefits secured as of the information must be greater than the costs of providing that information. Second only material items require be disclosed and accounted for strictly in accordance with generally accepted accounting principles (GAAP).
Generally Accepted Auditing Standards (GAAS) - Standards set by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern AUDITOR'S professional qualities and judgme
Q. Illsutarte the Summary of transactions? Summary of transactions is a teaching tool utilized to show the effects of transactions on the accounting equation. Note that the sto
A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random
1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu
Q. Show double-entry procedure or duality? In every business transaction we record the total dollar amount of debits must equal the total dollar amount of credits. While we deb
even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?
Q. What do you mean by Aging? Aging -- a process where accounts receivable are sorted out by age (typically current, 30 to60 days old, 60 to 120 days old and so on.) Aging perm
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Q. Example of physical inventory? Taking a physical inventory may perhaps disrupt the normal operations of a business. Therefore the count should be administered as quickly and
Credit what comes in. Debit what goes out.
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