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Q. Describe the methods of recording?
Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in contra revenue accounts to the Sales account. Contra accounts have typical balances that are opposite to the balance of the account they reduce. For instance since the Sales account normally has a credit balance the Sales Discounts account as well as Sales Returns and Allowances account have debit balances.
Mission statement for PCAOB and AICPA and how it contributed to GAAP 2-3 pages APA style
what is the implication of applying accounting concepts wrongly
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
xyz manufactures plastic shelving. The annual fixed cost for its current injection equipment is $ 100,000 variable cost is $25 per unit. The annual fixed cost for a new system is $
Q. Verifiability of Financial information? Verifiability Financial information has verifiability when independent measurers are able to substantially duplicate it by using the
The Development Stage Entities Topic specifies the guidelines for identifying an entity in the development stage, addresses the applicability of generally accepted accounting princ
John Bentley is the chief financial officer for World Auto Parts Corporation the company buys approximately USD 500 million of auto parts every year from small suppliers all over t
Calculate WACC and Rate of Return Capital Structure: 50% debt and 50% equity financing Current cost of debt is 2% above prime (Prime is currently 2.5%) cost of equity is e
Q. Explain about Conservatism? Conservatism The Conservatism means being prudent or cautious and making sure that assets and net income are not overstated. Such overstatements
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
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