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Q. Explain Periodicity assumption of accounting?
As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its economic activities. Afterwards accountants attempt to prepare accurate reports on the entity's activities for these periods. Even though these time-period reports provide useful and timely financial information for investors and creditors they may be inaccurate for some of these time periods because accountants should estimate depreciation expense and certain other adjusting entries.
Accounting reports cover comparatively short periods. These time periods are typically of equal length consequently that statement users can make valid comparisons of a company's performance from period to period. The length of the accounting period should be stated in the financial statements. For example so far the income statements in this text were for either one month or one year. Companies that publish their financial statements such like publicly held corporations in general prepare monthly statements for internal management and publish financial statements quarterly and annually for external statement users.
Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider
Q. Show Recording changes in assets? Recording changes in assets, liabilities, and stockholders' equity While recording commerce transactions remember that the foundation of
Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company: Net Sales 5
Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p
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
Genentech, Inc. is a California-based biotech pioneer recently acquired by Swiss pharmaceutical giant Roche Holding AG. Roche paid $46.8 billion in cash for the 44 percent of Gen
Rondo plc, a sports apparel manufacturer with a cost of capital of 13.75%, is looking to expand its activity and is considering two possible countries to open a sales subsidiary. R
what are the activities in the business organization
debit balance
Invoice is a text which haves the under mentioned details compulsorily. 1. Invoice Number 2. Name and address of the person 3. Invoice date Name and address of someone
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