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Q. Summary of significant accounting policies?
As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in interpreting the financial statements. To a large extent accounting theory conclude the nature of these policies. Companies should follow generally accepted accounting principles in preparing their financial statements.
The accounting policies of The Walt Disney Company one of the world's leading entertainment companies since contained in a recent annual report follow. Subsequent to each the section of this text where we discuss that particular policy is in parentheses. While some of the items have already been covered the remainder present a preview of the concepts explained in later section.
Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet
Q. Describe about Expense? Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditu
A bank statement showed an overdraft of $750. A cheque issued in payment of rent for $570 had not been presented, and a cheque for $624 received was omitted from the statement. The
Q. Qualitative characteristics of financial reporting? Accounting information must possess qualitative characteristics to be useful in decision making. This criterion is hard t
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depre
Q. Last-in first-out inventory? LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first
i have an assignment fro perdisco platform managing general entries of basic accounts will u guys be able to help with it
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
Q. Describe about Borrowed money? The company lent USD 6000 from Chaney's father. Chaney signs the note for the company. The note turn off no interest and the company promised
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