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Significance of Accounting Standards:
Setting of Standards is an effort to standardize the reporting of accounting information across the country and also transversely the globe. The increasing number of scams (ex : Enron) requires the subsistence of accounting standards. The acceptance and application of accounting standards ensure consistency, comparability and qualitative development in the preparation and arrangement of financial statements.
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
Q. Example on gross margin method? To demonstrate the gross margin method of computing inventory assumes that for several Years Field Company has maintained a 30 per cent gross
I need help understanding my Accounting 205 class. Would some one please help me understand what I am having such a hard time comprehending.
what is the exact meaning of journal that we doing entries??
Q. Income statements - Service and merchandising company? We evaluate the main divisions of an income statement for a service company with those for a merchandising company. To
Q. Ledger accounts in An accounting perspective? The idea of the Internet dates to the 1960s when the military tied together several computers forming a network that allowed us
implication of applying accounting concepts
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 First number are 2012 2012 then 2011
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