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Q. Explain Financial accounting information?
A Financial accounting information is precedent in nature that reporting on what has happened in the past. To facilitate comparisons among companies this information should conform to certain accounting standards or principles called generally accepted accounting principles (GAAP). These in general accepted accounting principles for businesses or governmental organizations have developed through accounting practice or been established by an authoritative organization. We illustrate several of these authoritative organizations.
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Generally Accepted Auditing Standards (GAAS) - Standards set by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern AUDITOR'S professional qualities and judgme
Cross indexing is made up
find cost of goods sold
A company uses 85 circuit boards a day in a manufacturing process. The person who orders the boards follows this rule: Order when the amount on hand drops to 625 boards. Orders are
Q. Prepare a source document? A source document typically supports the evidence of the transaction. A source document is any printed or written evidence of a business transacti
Q. Describe Exceptions to the realization principle? Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause
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
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Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698
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