Show periodicity concept, Accounting Basics

Assignment Help:

Q. Show Periodicity concept?

As per to the periodicity (time periods) concept or assumption an entity's life can be meaningfully subdivided into time periods (such as months or years) to report the results of its economic activities.

Now that you know business transactions and the five basic accounting assumptions you are ready to follow some business transactions step by step. To start we divide Metro's transactions into two groups (a) transactions affecting only the balance sheet in June and (b) transactions affecting the income statement and the balance sheet in July. Note that we could as well classify these transactions as investing, operating or else financing activities as shown in the statement of cash flows.


Related Discussions:- Show periodicity concept

Can you explain about balance sheet, Q. Can you explain about balance sheet...

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

Interest calculations, Calculate the amount of interest for each of the f...

Calculate the amount of interest for each of the following independent situations (assume 365 days per year):             a)

Accounting, 1. For what reasons do corporations purchase the stock of other...

1. For what reasons do corporations purchase the stock of other corporations? 2. Explain how marketable securities should be classified in the balance sheet. 3. Describe the valu

Cost accounting, DEFINITION OF COST ACCOUNTING DEFINITION:  as said by ...

DEFINITION OF COST ACCOUNTING DEFINITION:  as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t

Income statement single step, Solve accounting income statement question in...

Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company:                 Net Sales             5

Explain about gross margin method, Q. Explain about Gross margin method? ...

Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar

the stock market crash , The 2001 Recession: It is November 2001 and the U...

The 2001 Recession: It is November 2001 and the U.S. Stock market has plummeted and the recent September 11th attacks have hurt consumer condence. Businesses have stop hiring and c

Using the break-even equations to solve for price, using the break-even equ...

using the break-even equations to solve for price and variable cost per unit andromeda company's break-even point is 2,400 units. variable cost per unit is $42; total costs are 6

Describe in brief about the wholesalers, Describe in brief about the Wholes...

Describe in brief about the Wholesalers They buy goods in bulk from manufacturers and sell them to retailers, other schools, wholesalers and other non-profit institutions, and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd