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What are the Advantages of principle s based accounting?
its cool yo
Who introduce Accounting Equation?
It is based on Accounting Principle of Dual Aspect of Money http://www.freembanotes.in/finance/accountancy/30-accounting-equation
Accounting concepts where adjustments for prepayments and accruals are based?
Matching principle. Go SPC.
Indirect Effects of a Change in Accounting Principle?
it is one of three effects of change in accounting principle (direct,indirect, and cumulative effects).The indirect effect of change in accounting principles are differences in non-discretionary items based on earnings (e.g bonuses) that would have occurred if the new principle had been used in prior years.quoted from Becker CPA
What is the accounting principle that requires accounting information to be based on actual cost and require assets and services to be recorded initially at the cash or cash equivalent amount?
Cost principal
What are the Advantages of principle s based accounting?
its cool yo
Who introduce Accounting Equation?
It is based on Accounting Principle of Dual Aspect of Money http://www.freembanotes.in/finance/accountancy/30-accounting-equation
Accounting concepts where adjustments for prepayments and accruals are based?
Matching principle. Go SPC.
One of the accounting concepts upon which deferrals and accruals are based is?
revenue recognition principle
Indirect Effects of a Change in Accounting Principle?
it is one of three effects of change in accounting principle (direct,indirect, and cumulative effects).The indirect effect of change in accounting principles are differences in non-discretionary items based on earnings (e.g bonuses) that would have occurred if the new principle had been used in prior years.quoted from Becker CPA
What is the accounting principle that requires accounting information to be based on actual cost and require assets and services to be recorded initially at the cash or cash equivalent amount?
Cost principal
How accrual basis of accounting is related to matching concept?
Accrual basis accounting system is based on the concept of matching principle which dictates that revenues of same fiscal year should be matched with expenses of same fiscal year.
What will happen if scientist find evidence that contradict the law or a principle?
If scientists find evidence that contradicts a law or principle, it could lead to a revision of the existing law or principle to accommodate the new evidence. Scientists would then conduct further research to better understand the phenomenon and refine our understanding of the natural world. Science is dynamic and open to updating its knowledge based on new evidence.
Who found the fallibility principle?
The fallibility principle was first introduced by philosopher Karl Popper. It posits that all knowledge is inherently conjectural and subject to revision based on new evidence or arguments.
Which of these is not a principle for a quality treatment program?
focusing treatment on the one overriding need of an individual
What are the 5 GAAP?
Generally Accepted Accounting Principles (GAAP) encompass a set of rules and standards for financial reporting. The five key principles include the Revenue Recognition Principle (recognizing revenue when earned), Expense Recognition Principle (matching expenses with revenues), Cost Principle (reporting assets at their original purchase cost), Full Disclosure Principle (providing all relevant financial information), and the Objectivity Principle (ensuring financial statements are based on objective evidence). These principles aim to enhance the clarity, consistency, and comparability of financial statements.
Which form is NOT based on the principle of contrast?
Strophic form is based on the principle of repetition . The correct answer is binary form. Binary form is not based on the principle of repetition . It is based on the principle of contrast .
