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Accounting changes are often made and the monetary impact is reflected in the financial statements of a company even though in theory this may be a violation of the accounting concept of?
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∙ 14y ago
Consistency
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∙ 14y ago
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What major accounting firm conducted an audit of the financial status of the Federal Reserve Bank of New York in 2005?
In 2005 accounting firm of PricewaterhouseCoopers conducted the audit of the financial status of the Federal Reserve Bank of New York. Based on normal accounting principles, policies and practices, this accounting firm stated that the financial records of this bank correctly reflected its financial status. The report was sent to the Board of Governors of the Federal Reserve System and the board of directors of the Federal Reserve Bank of NY.
What are some of the transactions reflected in the financial statements of Electronic Arts?
What are some of the transactions reflected in the financial statements of Electronic Arts
How are property and property right reflected in the basic accounting equation?
i dont knowType your answer here...
To prepare a court accounting for a client of the public guardian's office do you include the interest earned but not received on an irrevocable burial plot investment?
Yes. All assets, including a receivable (the right to receive money), should be reflected in the accounting.
Working of financial software?
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Encyclopedia An examination of multidisciplinary case study in accounting department?
i need answer from case 1 of inevesu hospital plc, what are the tax advantages that reflected in the profit earned?
What role do public accountants play in the examination of financial forecasts and projections?
The accountants who examine such statements must consider whether the sources of information used by the client are sufficient to support the assumptions reflected in the prospective statements.
How are third party adjustments to patient bills reflected in the financial statements a As an addition to revenue b As a deduction from revenue c As a liability d As an asset?
b
Difference between imputed and implicit cost?
According to the "Bible" for accounting terminology, Barron's Dictionary of Accounting Terms, 5th Edition, they are the same. In fact, when you look up implicit cost, it refers you to imputed cost. This is the definition of imputed cost: "A cost that is implied but not reflected in the financial reports of the firm: also called implicit cost. Imputed costs consist of opportunity costs of time and capital that the manage has invested in producing the given quantity of production and the opportunity costs of making a particular choice among the alternatives being considered."
For accountant What are the courses in SAP?
The Financial Accounting (FI) application component fulfills all the international requirements that must be met by the financial accounting department of an organization. All accounting-relevant transactions made in Logistics (LO) or Human Resources (HR) components are posted real-time to Financial Accounting by means of automatic account determination. This data can also be passed on to Controlling (CO).This ensures that logistical goods movements (such as goods receipts and goods issues) are exactly reflected in the value-based updates in accounting.SAP FICO Functional means functional knowledge, by which one can proceed in terms of functional process with FICO area as well as FICO configuration knowledge.We provide various Technical and Functional SAP R/3 Module. Ex. ABAP, BASIS, FI/CO, HR, MM, PP, QM, PM, SD, BW/BI, Xi, CRM, SCM, SRM, APO, PLM, PS.For further query regarding SAP courses, admission and placement Please feel free to askAkash Kumar Asthana09986633201akash_asthana@rediffmail.com
Why is the accrual basis of accounting generally preferred over cash basis?
The need for this method arose out of the increasing complexity of business transactions and a desire for more accurate financial information. Selling on credit and projects that provide revenue streams over a long period of time affect the company's financial condition at the point of the transaction. Therefore, it makes sense that such events should also be reflected on the financial statements during the same reporting period that these transactions occur. For example, when a company sells a TV to a customer who uses a credit card, cash and accrual methods will view the event differently. The revenue generated by the sale of the TV will only be recognized by the cash method when the money is received by the company. If the TV is purchased on credit, this revenue might not be recognized until next month or next year. Accrual accounting, however, says that the cash method isn't accurate because it is likely, if not certain, that the company will receive the cash at some point in the future because the sale has been made. Therefore, the accrual accounting method instead recognizes the TV sale at the point at which the customer takes ownership of the TV. Even though cash isn't yet in the bank, the sale is booked to an account known in accounting lingo as "accounts receivable," increasing the seller's revenue.
What is the proper GAAP accounting for syndication costs?
A contra equity account, syndication cost should be reflected as a reduction of equity proceeds, or recorded as an asset before the stocks are issued and then retired once the stocks are issued.
