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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 as efficiently as possible. The actual taking of the inventory isn't an accounting function though accountants often plan and coordinate the count. Proper forms are required to record correct counts and determine totals. Identification names or else symbols must be chosen and those persons who weigh, count or measure the inventory items must know these symbols.
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
Q. Misstatement of accounting information? The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surroun
Q. What do you mean by Risk management contracts? In the normal course of business the Company utilizes a variety of off-balance-sheet financial instruments to manage its expos
The transactions for February need to be processed on MYOB with the Username:n10026509 and no password and make sure the audit trail is on. Then Part B is a performance report. The
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
Under both GAAP and tax depreciation, an asset cannot be depreciation until it has been
Why to and by using in journal, trading a/c, p&l a/c and ledger?
The basic functions of a balance sheet are: 1. It provides the financial place of a company on any given date 2. It provides the liquidity picture of the concern. 3. It p
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
does immaterial items have to be recorded
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