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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.
Benefites of Management accounting information To obtain this benefit, businesses have become more 'customer driven' (which is, concerned with satisfying customer needs). This
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry
Fixed Assets An additional categorization other than current or long-term is as well used for property. A "fixed asset" is an asset which is planned to be of a lasting nature a
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
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
It is a national organization of female accountants in America that plans to further the interests of women in the accounting career. The American Society of Women Accountants (ASW
Objective of Eight non-profit organization engaged in the conservation forest and wild animals
Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
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