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Criticisms against setting of Accounting Standards:
1. Setting of Standards may occasionally control the type of treatment of definite items.
2. They may generate inflexibility in reporting of accounting information.
3. They cannot dominate the statute, as they are set within the sample of the existing statutes.
Q. Principles of consolidation? The consolidated financial statements of the Company comprise the accounts of The Walt Disney Company and its subsidiaries after elimination of
What is procedure for testing after implementation as functional consultant? Ans) Testing involves a step by step check of several transactions configured in the SAP system.
A user buys a new transponder for $20. What debit and credit entries would need to be made?
Harry and Sally were divorced three years ago. In July of the current year, their son, Joe, broke his arm falling out of a tree. Joe lives with Sally and Sally claims him as a de
Zack is a farmer who buys his feed and fertilizer from a farmer cooperative. In 2012, Zack purchased $300,000 in feed and fertilizer for the farm and $10,000 of household goods. Be
Q. Explain about Accrued assets? Accrued assets are assets such like interest receivable or accounts receivable that haven't been recorded by the end of an accounting period. T
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
When common stock has a par value of $2 and a market value of $15: 1.) the liability of the stockholders is $13 per share 2.) there will be additional paid-in capital of $1
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
Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc
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