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The cost principle is the basis for preparing financial statements because it is?
The cost principles is the basis for preparing financial statements because it is? B. Relevant and objectively measured, and verified.
What is the ability to prepare on a mass basis individually designed products to meet each customer requirement in marketing management called?
The ability to prepare on a mass basis individually designed products to meet each customer requirement is called "mass customization." This approach combines the efficiencies of mass production with the personalization of individual customer preferences, allowing businesses to offer tailored products at scale. By leveraging technology and flexible manufacturing processes, companies can efficiently produce customized items that fulfill specific consumer needs.
How would you describe the accounting cycle?
must have staff who prepare financial statements on a monthly, quarterly, and/or annual basis. To meet these primary objectives, a series of steps is required. Collectively these steps are known as the accounting cycle.
When are bank statements typically sent out?
Bank statements are typically sent out on a monthly basis, usually at the end of each month.
What does Customer focused mean?
customer focus is the way were target group of customer is separated on the basis of their income,place and society.
What does fortnight day shift mean?
A "fortnight day shift" typically refers to a work schedule where an employee works daytime hours over a two-week period (fortnight). This schedule may involve working the same hours each day, or it could include rotating shifts within that timeframe. The term is often used in industries that operate on a shift basis, such as healthcare or manufacturing, to specify the pattern of work and rest days.
Of what must the accountant be cognizant in order to compile financial statements?
the form of its accounting records, the stated qualifications of its accounting personnel, the accounting basis on which the financial statements are to be presented
Can an employee sue a customer for any reason?
No, an employee cannot sue a customer for any reason. There must be a valid legal basis, such as discrimination or harassment, for an employee to sue a customer.
The accrual basis of accounting recognizes the impact of transactions on the financial statements in the period when?
revenues are earned and expenses are incurred
How do you use biweekly in a sentence?
The company will prepare biweekly reports so the CEO can see financial basis on a regular basis. Biweekly means every other week.
Why is it important to adopt a consistent basis for the preparation of financial statement?
Comparability. It is important to allow users of financial statements to compare statements in order to identify trends within an industry or entity and to assist the relative performance of a company across time and across a specific industry. See IFRS: Frame work for the Preparation and Presentation of Financial Statements (A39- 42) Further as the basis by which the entity prepares its financial statements needs to be disclosed ( And changes in policy elaborated upon) it also inhibits adopting favourable accounting policies on a whim in order mislead users of financial statements
What are the disadvantages of consolidated financial statements?
Combining financial statements could be a disadvantage because you cannot see the details that give you the strengths of the company. If you have separate financial statements for the parent and subsidiaries then you can break down a more meticulous analysis for each department and therefore see the basis and solidarity of the company
