What is the difference in the accounting cycle of an economic unit that is already operating in relation to an economic unit that starts its activity for the first time?

Q: What is the impact on A Company financial statements if the company forgets to recognize that…

A: Unearned Revenue - Unearned Revenue is the revenue which is not earned by the company but amount…

Q: What items are included in the company's operating income?

A: The performance of the company will be evaluated using the operating income of the company.…

Q: Why is accounting divided into branches

A: "Accounting is a process to classify the transactions and record the business transactions in…

Q: What is the natural business year?

A: An accounting period defines the time period, in which the business transactions shall be considered…

Q: In general, what is the concept of earnings and profit designed to represent?

A: When addressing the bottom line of a company's income statement, the concept of earnings is most…

Q: Why are accounting principles, once adopted, normally consistently applied over time?

A: Accounting principles are the rules and guidelines that companies must follow when reporting…

Q: How does payments for tax and licenses affect accounting equation

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: Discuss the components of operating and nonoperating income and theirrelationship to earnings…

A: Meaning of Operating Income Operating Income is also known as Earnings before interest and taxes. It…

Q: Please tell which factors lead to national difference in accounting?

A: Introduction- Accounting System is a computerized and manual set of organized accounting methods,…

Q: what are some examples of how historical events and changing economic landscapes have influenced the…

A: Dear student, below is the answer to your assignment. Kindly follow it closely for a clear…

Q: What are the process of accounting?

A: The question has covered the concept of the process of accounting.

Q: Different steps in the accounting cycle.

A: Accounting cycle is the process of recording, classifying and summarising accounting information. It…

Q: Where do we record retained earnings in a balance sheet?

A: Retained earnings refers to the amount of earnings that are not paid as dividends to the…

Q: Which factor explaining why accounting practices differ across countries do you think is most…

A: Seven factors for difference in accounting practices across countries 1.Legal system (a) Common law…

Q: How does a company compute the effect of such changes in accounting principle?

A: Wee first needs to understand the meaning of change of accounting principal. A change in accounting…

Q: What do we understand, when we say that Social and Economic Accounting is a "comprehensive,

A: GIVEN   when we say that Social and Economic Accounting is a "comprehensive, consistent and…

Q: Define accounting period cycle? And balance sheet?

A: Accounting is a system of recording analyzing and summarizing the day-to-day business transactions…

Q: How does the expenditure cycle in accounting help an organization manage its expenses and control…

A: Cycles of expenditure are comparable to a company's financial management. It assists the business in…

Q: How are changes in accounting principle applied?

A: Accounting Principles:   It refers to a set of guidelines that all organisations must follow while…

Q: What is the accounting cycle?

A: Accounting cycle means the process of collecting, processing and reporting of the financial…

Q: How does the concept of depreciation impact a company's financial statements and overall financial…

A: Depreciation is a crucial concept in accounting that reflects the gradual decrease in the value of…

Q: What is time period principle and give example of business situation of it?

A: The time period principle is the concept that a business should report the financial results of its…

Q: Where does the accrual accounting focuses?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial…

Q: What are the Universal Standards in Accounting?

A: Universal standard of accounting is also known as International standard of accounting. The…

Q: RUE OR FALSE? The cumulative effect of change in accounting policy is shown in the income statemen

A: Solution Concept Accounting policy refers to the principles that is used in the presentation and…

Q: explain the history of accounting in a develop and underdevelope co

A: Accounting is as old as the existence of business. In old times the King's treasures and landlords'…

Q: How does earnings management affect earnings quality?

A: Earnings of a company is referred as net income or bottom line item of a company. It is a very…

Q: Explain in your own words the process of Accounting cycle.

A: The accounting cycle refers to a process that is followed in preparing and recording all the…

Q: how do i find change in retained earnings

A: 1. Retained Earnings - Retained Earnings is the retained accumulated profit of the company over the…

Q: In accounting, an economic event is referred to as...........

A: Correct answer with proper explanation are as follows

Q: Explain what is meant by the term earnings quality.

A: The term earnings refer to the amount of money the company had earned during a particular period of…

Q: Will the financial statements of a company always differ when different choices at the start of the…

A: Denominator-level Capacity Concepts:Denominator-level capacity concept is a term used to depict the…

Q: What does the term 'accrual accounting principle' mean

A: The accrual basis of accounting is the process of recording revenues as they are earned and expenses…

Q: When do firms manage earnings in their reports?

A: Earnings are profits of a company. investors and analysts look to earnings to determine the…

Q: How do cultural, social, and historical factors shape the development of accounting practices in…

A: Accounting practices are the methods and procedures used to record, classify, analyze, and report…