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What is window dressing?
Window dressing refers to actions taken or not taken prior to issuing financial statements in order to improve the appearance of the financial statements.
Presenting consolidated financial statements this year when statements of individual companies were presented last year is?
an accounting change that should be reported by restating the financial statements of all prior periods presented.
Updating accrual accounting records prior to preparing financial statements is called?
closing process
Where will you put Prior Period Adjustment?
Prior period adjustments are typically reported in the statement of retained earnings, which shows the changes in retained earnings over a specific period. They are used to correct errors in the financial statements from prior periods and ensure the accuracy of the financial information presented.
Why is it important to prepare the financial statements prior to the closing activities?
It'd be far better to end-up with the current transactions and the related financial details while starting over the new one. And with that, the financial statements would do so the needed in order the tax returns, payroll information, etc is vivid for the business to submit whenever required. This would be the reason for preparing the statements.
Prior period adjustments are reported as an adjustment to which account?
Prior period adjustments are reported as an adjustment to the retained earnings account in the statement of retained earnings. This is done to correct errors in the financial statements that occurred in previous periods.
How do you convert Florida Lotto prior winnings to an Excel spreadsheet?
Copy database from florida lotto to excel.
Is the Resource or Financial Manager responsible for ensuring fund availability prior to purchase?
The Resource/Financial Manager is responsible for ensuring fund availability prior to purchase.
What are the proper procedures for a change to the LIFO method of inventory valuation?
Company should adjust its financial statements for each prior period presented. Thus, financial statement info about prior periods will be on the same basis as the new accounting pricipal. It adjusts the carrying amounts of assets and liabilites as of the beginning of the first year presented. It will reflect the cumulative effect on prior periods. Company should also adjust an opening balance of retained earnings or net assets as of the beginning of the first year presented.
When were mission statements first introduced?
1932; one day prior to the great depression.
What are journal entries that brings accouns up to date at the end of the accounting period?
Adjusting entries is the name for journal entries that serve the purpose of making the accounts current. Usually, the entry is made just prior to when a company issues its financial statements.
Advantage of a chart over a spreadsheet?
Actually, within Excel you must have the spreadsheet prior to creating a chart. But, the advantage to creating the chart is that it gives the viewer more of a visual story of what is occurring, instead of just a list of data or numbers.
