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Q. Financial reporting about the economic resources?
The third financial reporting should provide information about the economic resources of an enterprise the claims to those resources obligations of the enterprise to transfer resources to other entities and owners' equity as well as the effects of events, transactions and circumstances that change its resources and claims to those resources. We are able to draw some conclusions from these three objectives and from a study of the environment in which financial reporting is carried out.
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
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
Analysing and Recording Process Question A friend knows that you are studying the Business Accounting 1 course, so he approaches you and enquires about the steps of the ana
introduction,features,objectives,types of branches,difference between branches and departments
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
#question.outline basic elements to keep in mind while preparing an income statement?
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
Q. What is Fixed cost? Fixed cost -- a cost that doesn't change as sales volume changes (in the short run.) Fixedcosts generally include such items as rent, interest, depreciat
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
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