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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).
Weston Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced
the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6
Q. What is Marketable securities? Marketable securities are temporary investments such like short-term ownership of stocks and bonds of other companies. Such investments don't
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise
untangible assets
Explain the Recording employer's payroll taxes Debited to an expense account-Payroll Tax Expense. Credited to individual Tax Payable accounts These amounts are then sent
The industrial revolution in England presented a challenge to the development of accounting like a tool of industrial management. Costing techniques were urbanized as guides to man
Provided services on credit to Yamato P/L $5 900. How do we apply this in the t accounts
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
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