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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.
Q. Describe Retail inventory method? Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory
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WHAT ARE THE CHARACTERISTICS OF ASSETS
On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an add
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How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
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