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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.
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
Q. Neutrality of accounting information? The Neutrality signifies that the accounting information must be free of measurement method bias. The primary concern must be relevance
You have been assigned to analyze the costs of NC Microelectronics, a microchip manufacturer. Indicate whether the following costs are more likely fixed (F), variable (V), or mixed
In earlier section, we had illustrated accounting as the language of business. Along with language, accounting has several dialects. There are dissimilarities in terminology. In de
Honolulu Cookie Company provides the following information in order for you to prepare the company's bank reconciliation: Balance per company
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Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk inve
Q. Show Advantages and disadvantages of LIFO? The advantages of the LIFO method are based on the fact that prices have risen almost constantly for decades. LIFO supporters clai
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