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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.
Q. What do you mean by Supplies on hand? Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include al
A)Guerrero Company occupied in the following events during 2012: 1. Began operations by issuing common stock to investors for $40,000 cash 2. Given services to customers on a
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins
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
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
i dont undrstnd t concepts of assets and liabilties n also journal entries thnks
Distributions to owners are reducing in equity of a particular business enterprise resulting from transferring rendering services, assets or incurring liabilities by the enterprise
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
1. For what reasons do corporations purchase the stock of other corporations? 2. Explain how marketable securities should be classified in the balance sheet. 3. Describe the valu
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