Homework Answers
Answer:
1 - Timeliness
Explanation: Financial statement can't be so delayed as it became too late for managers to realize if there is liquidity or performance issues.Also Stakeholders has to use financial statements for decision making.So financial statemnts has to prepare in time and it has to be cnsistently followed.
2 - Consistency
Explanation: This principle states that once an accounting method or principle is selected and use in a business it has to be consistently followed throughout its accounting periods.
3 - Relevance(Timely)
Explanation:Accounting informations is for decision making purposes,therefore it has to be relevant.That means it must possess a confirmatory value etc.So inexpensive amounts is not relevant and can be treated as expense even though it has more than 1 year usefull life.
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Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account. a. Fleming Home Products introduced a new line of commercial awnings in 2017 that carry a one-year warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to approximate...
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Described below are six Independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account. a. Fleming Home Products Introduced a new line of commercial awnings in 2017 that carry a one year warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to...
Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018...
Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account. Fleming Home Products introduced a new line of commercial awnings in 2017 that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 3%...
Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018...
Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account. a. Fleming Home Products Introduced a new line of commercial awnings in 2017 that carry a one-year warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to approximate...
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Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021...
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Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2018...
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Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account. a. Fleming Home Products introduced a new line of commercial awnings in 2017 that carry a one-year warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to approximate...
Described below are six Independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account. a. Fleming Home Products Introduced a new line of commercial awnings in 2017 that carry a one year warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to...
Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account. a. Fleming Home Products Introduced a new line of commercial awnings in 2017 that carry a one-year warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to approximate...
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