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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.
the meaning of dual concept
Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
formation of partnership and changes in constitution of parternship
Accountants and others are able to access the home pages of companies to find their annual reports and other information home pages of CPA firms to find employment opportunities an
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
i have an assignment fro perdisco platform managing general entries of basic accounts will u guys be able to help with it
A company’s sales volume averages 4,000 units per year. Recently, its main competitor reduced the price of its product to $48. The company expects sales to drop dramatically
Please explain I'm so lost Chandler Ltd. estimates sales for the second quarter of 2014 will be as follows. Month Units April 2,550 May 2,475 June 2,390 The t
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
Q. Film and television costs- accounting policies? Film as well as television production and participation costs are expensed based on the ratio of the current period's gross r
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