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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 are able to mislead potential investors in the company and creditors making loans to the company. We apply conservatism while the lower-of-cost-or-market rule is used for inventory. Accountants have to realize a fine line exists between conservative and incorrect accounting.
The next segment of this chapter discusses the conceptual framework project of the Financial Accounting Standards Board. The FASB planned the conceptual framework project to resolve some disagreements about the proper theoretical foundation for accounting.
Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Credit -- an accounting entry on the bottom or right of a balance sheet. Generally an increase inliabilities or capital or a reduction in assets. Opposite of credit is debit. Every
1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially rec
Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
Flying High Inc. plans to raise $5,000,000 external financing through issuing bonds, and is considering two options: regular bonds and zero couple bonds. The regular bonds will ha
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
leagl provision of partner ship accounts
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Ratio Analysis : A 'Ratio' is clear as an arithmetical/quantitative/ numerical relationship between two numbers. Ratio analysis is a extremely significant and age old method of f
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