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Q. Underlying assumptions or concepts of accounting?
The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) stable dollar and (e) periodicity. This segment discusses the effects of these assumptions on the accounting process.
Data collect in an accounting system must relate to a specific business unit or entity. The business entity concept assumes that every business has an existence separate from its employees, owners, creditors, interested parties, customers and other businesses. For every business such as a horse stable or a fitness centre the business not the business owner is the accounting entity. Consequently financial statements are identified as belonging to a particular business entity. The content of these financial statements reports merely on the resources, activities and obligations of that entity.
Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department
What is the implication of applying accounting concepts wrongly
Q. Show Effects of transaction? A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively
Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s
From the following details, prepare a balance sheet acid test ratio = 2.5 current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share capital =? Proprietary ratio =
Q. Explain about lower-of-cost-or-market method? The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical c
Sam is trying to decide whether he should operate his business as a C cor- poration or as an S corporation. Due to potential environmental hazard problems, it is imperative that
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. Ther
WHAT DO YOU MEAN BY ACCRUAL CONCEPT
1. Mama's Fried Chicken bought equipment on January 2, 2010, for $15,000. The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs. At the end of the
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