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Q. Explain about Accounting period?
As those interested in the activities of business need timely information companies must prepare financial statements periodically. To organize such statements the accountant divides an entity's life into time periods. These time periods are habitually equal in length and are called accounting periods. An accounting period may be one month or one quarter and one year. An accounting year or a fiscal year is an accounting period of one year. A fiscal year is a few 12 consecutive months. The fiscal year may perhaps or may perhaps not coincide with the calendar year which ends on December 31. As we illustrate in Exhibit 15, 63 percent of the companies examined in 2004 had fiscal years that coincide with the calendar year. In 2008 the similar figure for publicly-traded companies in the US was 65 percent. Companies in certain industries habitually have a fiscal year that differs from the calendar year. For instance many retail stores end their fiscal year on January 31 to avoid closing their books during their peak sales period. Other companies choose a fiscal year ending at a time when inventories and business activity are lowest.
Common size Financial Statements: Below this process, the total of the tasks side and the total of the possessions side of a Balance Sheet are taken as 100 and each item in
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
Identify and explain the two ratios that are used to assess the solvency of a business.
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Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Q. What is Accumulated depreciation? Accumulated depreciation is a contra asset account to depreciable assets such like machinery, buildings and equipment. This account illustr
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
Its depends on the credit period of the company i.e. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. We can say the Effectiv
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