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Q. Gain and loss recognition principle?
The gain and loss recognition principle states that we record gains merely when realized but losses when they first become evident. Therefore we recognize losses at an earlier point than gains. This rule is related to the conservatism concept.
Gains normally result from the sale of long-term assets for more than their book value. Firms shouldn't recognize gains until they are realized through sale or exchange. Recognizing potential gains prior to they are actually realized is not allowed.
Losses consume assets as carry out expenses. But unlike expenses they don't produce revenues. Losses are habitually involuntary such as the loss suffered from destruction by fire on an uninsured building. A loss on the sale of a building is possibly voluntary when management make a decision to sell the building even though incurring a loss.
What do the "transfer" items in the notes to the financial statements relate to? (in the capital assets section; Plant, property & equipment and Intangible assets
Could the choice of recording a capital asset impairment or not, impact the financial statements significantly? Explain.
Business transactions and the accounting equation A transaction is any activity which changes the value of a firm's assets, liabilities or owner's equity. Every transaction
please explain cycle of accounting
Q. Can you explain about balance sheet? The balance sheet, sometimes called as the statement of financial position lists the liabilities, company's assets and stockholders' equ
1. (a) Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage. (b) "Ledger is said to be the principal book entry and the t
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
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
Assignment Comments – Debt-to-assets ratio: 50% Current Ratio: 1.8x Total assets turnover: 1.5x Days sales outstanding: 36.5 days* Gross profit margin
Comprehensive Problem in Trial Balance Cash $ 26,470 A/R 14,222 Office Supplies 4,298 Prepaid Insurance 23,137 Equipment 131,495 A/D - Equipment $19,096 Accounts P
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