Describe the following: 1)Recording of previous periods errors in revenue and expenditure after preparation of final accounts in the current periods. 2)Gain or losses on foreign exchange translations.

Q: Exchange differences arising from the translation of financial statements of a foreign operation…

A: When company has subsidiary in the foreign country than the assets and liabilities are to be…

Q: The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a…

A: SOLUTION A ALLOWANCE FOR DOUBTFUL ACCOUNTS  IS AN ALLOWANCE FOR BAD DEBT THAT DECREASES ACCOUNTS…

Q: Discuss, using practical example the effect of prepayment figures on the preparation of a  financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: Which of the following would not be reported on the financial statement?

A: All transaction that are reported in books of accounts need to be reported in financial statements.…

Q: Management can choose between two bases in calculating the estimated uncollectible accounts under…

A: Answer with Explanation are as follows:

Q: When using the percentage of sales method to estimate the amount of bad debt expense for…

A: In percentage of sales method Bad debts are calculated as percentage of sales and there is no Role…

Q: How to compute the account receivable Turnover without the net credit sales nor the average account…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…