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Accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets. Market values are of less implication to an entity using its assets rather than selling them. On the other hand if an entity is liquidating it must use liquidation values to report assets. The economic activity of a business is usually recorded and reported in money terms. Money measurement is the use of a monetary unit such as the dollar instead of physical or else other units of measurement. Using a particular financial unit provides accountants with a common unit of measurement to report economic activity. Without a financial unit it would be not possible to add such items as equipment, buildings and inventory on a balance sheet. Monetary statements identify their unit of measure such as the dollar in the United States so the statement user can make valid comparisons of amounts. For instance it would be hard to compare relative asset amounts or profitability of a company reporting in US dollars with a company reporting in Japanese yen.
This is due to every organization wants profit to operate, and as results the fmcg gods turn to have a moving market than that of the hardware goods, because the products does not
A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards like as EDI, XML, and Microsoft Excel. Interc
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
The range of accounting can be presented in a diagrammatic form. Data collection and creation is the area that provides raw material for accounting. The data collecte
The analysis focused primarily on the role, structure and funding arrangements for the International Accounting Standards Board (IASB), an entity that has been responsible for majo
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
Question 1 Write a short note on the following with example a. Activating budgets b. Reversing journals c. Memorandum vouchers d. Optional vouchers e. Creating Bill of Materials
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Hello, I work in the Events Department for a country club in Rhode Island. We are trying to figure out the following question for an invoice: A restaurant bill is $18.50 and inclu
Tips to be keep in mind while preparing the Financial Statements : 1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjust
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