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3 years ago

What do you mean by consistency in accounting ?

Business

2 answers:

vfiekz [6]3 years ago

4 0

Answer:

once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods so that the results reported from period to period are comparable.

Explanation:

madreJ [45]3 years ago

4 0

It’s means once you adopt an accounting principle continue to follow it consistently in future accounting period

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Afina-wow [57]

Similar to a stock split, a stock dividend also distributes additional shares of stock to existing stockholders on a pro rata basis at no cost to the stockholders.

A stock split is a decision made by the board of directors of a firm to issue more shares to present owners in order to increase the number of shares outstanding.

A stock split is a division of issued shares in a ratio determined by the company, whereas a stock dividend is a dividend paid in the form of extra shares. While in a stock split, already issued shares are divided in accordance with a predetermined ratio, a stock dividend gives stockholders extra shares.

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6 0

1 year ago

Calistoga Produce estimates bad debt expense at 0.50% of credit sales. The company reported accounts receivable and allowance fo

AveGali [126]

Answer:

$1,345

Explanation:

Calculation to determine what Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is

First step is to calculate the Expense amount

Expense=Credit sales $315,000* .5%

Expense=$1,575

Second step is to calculate the Allowance

Allowance 12/31/2020 $1,650

Less Write-offs(1,880)

Allowance ($ 230)debit

Now let calculate the final balance in its allowance for uncollectible accounts

December 31, 2021 allowance for uncollectible accounts= ($230) + $1,575

December 31, 2021 allowance for uncollectible accounts=$1,345

Therefore Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is $1,345

7 0

3 years ago

During April, the production department of a process manufacturing system completed a number of units of a product and transferr

malfutka [58]

Answer:

1) completed and transferred 293,000

Equivalent units under W/A method:

EU materials 338,500

EU conversion 306,000

Explanation:

Beginning WIP 33,000

started and completed 260,000

completed and transferred 293,000

Ending WIP 65,000

EU under weighted-average methood:

complete and transferred plus percentage of completion ending WIP

293,000 + 65,000 x 70% = 338,500

293,000 + 65,000 x 20% = 306,000

3 0

4 years ago

Real GDPa.is the current dollar value of all goods produced by the citizens of an economy within a given time. b.measures econom

Gre4nikov [31]

Answer:all of the above are Correct (D)

Explanation:

Real GDP is a macro economic statistics that measure the value of the goods and services produced by an economy in a specific period , adjusted for inflation. Government use both minimal and real GDP as metrics for analyzing economic growth and purchasing power over time.

3 0

3 years ago

Big and Tall, CPAs, were auditing Mountain Corporation for the year ended December 31, 2019. On January 15, 2020, a major custom

AURORKA [14]

Answer:

The correct answer is Option B.

Explanation:

Based on IAS 10 Events after the Reporting Period, subsequent events can be an adjusting event or non-adjusting event. If it is an adjusting event, it means an event after the reporting date before the audited financial statements are signed that provides further evidence of conditions that existed at the reporting date. However, non-adjusting events are events after the reporting date that are indicative of a condition that arose after the reporting date, this requires disclosure in the financial statements while for adjusting events, the financial statements are adjusted for condition that arose after the reporting date.

The declaration of the customer as bankrupt is an adjusting event since it affects the receivable collection, hence the need to adjust it as uncollectible,

4 0

3 years ago