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How do the consistency principle and the full disclosure principle affect inventory valuation?
Consistency principle indirectly affects inventory value as one would need to use the same cost assumption all the time (FIFO or avg cost). Full disclosure doesn't affect inventory valuation but one would need to disclose to investors the cost assumption used in the financial statements.
What is the concept or principle that relates to transactions?
Original Cost
What is meant by consistency when discussing financial accounting information?
Basic accounting concept that once an accounting method is adopted, it should be followed consistently from one accounting period to the next. If, for any reason, the accounting method is changed, a full disclosure of the change and an explanation of its effects on the items of the financial statements must be given in the accompanying notes (footnotes). One of the duties of an auditor is to make sure the consistency principle is being followed because, otherwise, any change might make interpretation of the financial data a futile exercise. Also called consistency concept. See also accounting concepts.
What are principles of accounting?
1. Revenue Recognition PrincipleIt dictates that revenue should be recognized in the accounting period in which it is earned.2. Matching Priciple(Expense Recognition)It dictates that expenses be matched with revenues in the period in which efforts are made to generate revenues.3. Full Disclosure PrincipleIt requires that circumstances and events that make a difference to financial statement users be disclosed.4. Cost PrincipleIt dictates that assets be recorded at their cost.
What are the roles of Management in Accounting?
The role of management levels in accounting is to get full information about the financial position in the organization to get the decision
Does the full disclosure principle requires that the notes to the financial statements report a change in accounting method for inventory?
The full disclosure principle requires that the notes to the financial statements report a change in accounting method for inventory.
Full disclosure concept?
Full disclosure concept is a term used in reference to financial statements. It means that a financial statement should not be used as a means to conceal but as a way to convey so a person can get a correct picture of the position and financial performance of a company.
What is the full form of IFRS?
International Financial Reporting Standards
How do the consistency principle and the full disclosure principle affect inventory valuation?
Consistency principle indirectly affects inventory value as one would need to use the same cost assumption all the time (FIFO or avg cost). Full disclosure doesn't affect inventory valuation but one would need to disclose to investors the cost assumption used in the financial statements.
What is a sentence with the word disclosure?
One sentence could be, "Did you sign the disclosure statement you were given yesterday?". Another could be, "In order to get a job as a school teacher, full disclosure of your past is necessary".
The accounting principle that requires financial statements to report all relevant information about the operations and financial condition of a company is called?
Full Disclosure Principle
Should members of congress be required to make a full disclosure of their financial holdings?
Yes and they are all ready required to do that.
What actors and actresses appeared in Full Disclosure - 2012?
The cast of Full Disclosure - 2012 includes: Alexander Leonn as Will
What are the release dates for Full Disclosure - 2011 II?
Full Disclosure - 2011 II was released on: USA: 31 May 2011
Is this a loaded question weasler hyperbole or innuendo definition i'm not amongst those who wonder why the senator hasn't made a full disclosure of his financial dealings prior to taking office?
This statement involves innuendo, as it implies that the senator may be hiding something by not disclosing his financial dealings. It also includes hyperbole, suggesting that some individuals are questioning why the senator has not provided full disclosure. Lastly, it hints at loaded language by insinuating that there may be something dubious in the senator's financial history.
Inquired of full disclosure?
The first thing I did was.....
What actors and actresses appeared in Full Disclosure - 2005?
The cast of Full Disclosure - 2005 includes: Judy Greer as Brinn Brent Sexton as Everett
