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q show payment of a liabilityaccountants are able to easily measure some changes in assets and liabilities such as the acquisition of an asset on
earlier we defined accounting as the process of measuring identifying and communicating economic information to permit informed judgments and
q what is articulatethe fundamental accounting concept of the double-entry method of recording transactions under the double-entry approach each
q what is consistencyconsistency in general requires that a company use the same accounting principles and reporting practices through time this
q economic substance of the transactionin a few business transactions the economic substance of the transaction conflicts with its legal form for
q general-purpose financial statementsaccountants prepare general-purpose financial statements at usual intervals to meet many of the information
q show approximation of periodicityapproximation and judgment because of periodicity to offer periodic financial information accountants must often
q explain about accrual basis and periodicityaccrual basis and periodicity demonstrated that financial statements more accurately reflect the
q explain periodicity assumption of accountingas-per to the periodicity time periods assumption accountants divide an entitys life into months or
q explain about stable dollar assumptionin the united states accountants make one more assumption regarding money measurement that the stable dollar
accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets market
q explain about business entity concepta business entity perhaps made up of several different legal entities for example a large business such as
q underlying assumptions or concepts of accountingthe major underlying assumptions or concepts of accounting are a business entity b going concern
q explain about traditional accounting theoryconventional accounting theory consists of underlying assumptions rules of measurement major principles
q traditional body of accounting theorypresenting the traditional body of theory first as well as the conceptual framework second gives you a sense
q describe the accounting proceduresthe demand for college professors differ greatly by discipline in fields such like fine arts english philosophy
do you enjoy college life do you enjoy teaching others if therefore you might want to consider a career as a college professor even though a position
q learning objectives of accounting theory- discuss and identify the underlying assumptions or else concepts of accounting- discuss and identify the
q learning objectives of current ratio- analyze the transactions by examining source documents- journalize the transactions in the journal- post the
q what is current ratio in terms of accountingthe current ratio specifies the short-term debt-paying ability of a company to find the current ratio
q explain about stockholders equitystockholders equity demonstrates the owners interest in the business this interest is equivalent to the amount
q what is long-term liabilitieslong-term liabilities are debts such as a bonds payable and mortgage payable that arent due for more than one year
q show unearned revenuesunearned revenues- revenues received in advance consequence when a company receives payment for goods or services before
q income taxes payabletaxes withheld from employees comprise federal income taxes state income taxes and social security taxes withheld from
q explain accounts payableaccounts payable are amounts owed to suppliers meant for goods or services purchased on credit accounts payable are usually