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Q. Explain about stable dollar assumption?
In the United States accountants make one more assumption regarding money measurement that the stable dollar assumption. Under the stable dollar assumption the dollar is accepted as a sensibly stable unit of measurement. Therefore accountants make no adjustments for the changing value of the dollar in the primary financial statements.
Using the stable dollar assumption creates a complexity in depreciation accounting. Presume for instance that a company acquired a building in 1975 and computed the 30-year straight-line depreciation on the building without adjusting for any changes in the value of the dollar. Therefore the depreciation deducted in 2008 is the same as the depreciation deducted in 1975. The company makes no adjustments for the dissimilarity between the values of the 1975 dollar and the 2008 dollar. Both dollars are treated as equivalent monetary units of measurement despite substantial price inflation over the 30-year period. Business executives and Accountants have expressed concern over this inflation problem especially during periods of high inflation.
Difference between Debit and Credit Debit- used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period
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
Q. Sales returns affect both revenues and cost of good? When a company sells merchandise to customers then it transfers the cost of the merchandise from an asset account that i
Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.
base-case NPV
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What are the accounting Principles?
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
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