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Illustrate the subsequent Accounting Concepts:
a) Dual Aspect concept
b) Materiality concept
c) Matching concept
d) Conservatism concept
Limitations of Funds Flow Statement : despite the a variety of uses of the announcement, it has convinced problems also. They consist of the subsequent i) It cannot substitute
Explain:- 1. Why would users want to see cash flows broken out into three parts (operating, investing, and financing)? What's the purpose of this structure? 2. Companies often use
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
Q. Show Employment opportunities in accounting? Throughout the last half-century accounting has gained the same professional status as the medical and legal professions. At pre
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Prepare a Multiple-Step Income Statement based on the information presented in problem 4 above. Answer :
Which of the following about debits and credits is false? A. Credits increase revenues, gains and bonds payable B. Debits increase salaries expense and prepaid expenses (prepayment
Q. Responsibility of Senior accountant? As a senior accountant Tracy will be accountable for the day-to-day management of several audit engagements during the year. She will pl
A company has been depreciating its IT equipment over 5 (five )years, but now finds that it is becoming obsolete in 3 years. What does the consistency principle allow the comp
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