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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.
Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
Q. Define the Opportunity cost? Opportunity cost -- a useful notion in evaluating alternate opportunities. If you choosealternative A, you can't choose B, C, or D. What is the
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Provide an argument for including or not including current liabilities in the cost of capital calculation
What is journal entry for Input CST which are paid at the time of purchases of goods from other state.
Ask queMary Lapointe, the Chief Financial Officer of your Northern Travel Experience company, has advised that the company will be opening an office in Nunavut this year. The offic
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Q. Explain about accounting applications? Early on accounting applications were in accounts receivable, payroll, accounts payable, and inventory. Within some years programs exi
1. Listed below are account balances taken from the adjusted trial balance of XYZ Inc. as of December 31, 2012. Credit Account
stpes to be taken prepaing for final accounts
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