Explain the difference between adjusting and non-adjusting events after the reporting period. Provide examples to illustrate your
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Adjusting events are those that provide further evidence about conditions existing at the end of ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Question Posted:
Students also viewed these Accounting questions
-
Explain the difference between a Markov and a non-Markov model of the short rate.
-
Explain the difference between probability and non-probability sampling.
-
Explain the difference between the two types of subsequent events. Discuss the auditor's responsibility for detecting subsequent events (a) prior to the completion of field work, (b) prior to signing...
-
Hansel Electronics has the following: If Hansel has 7,000 units on hand at December 31, the cost of ending inventory under the average-cost method is: (a) $84,000. (b) $70,000. (c) $56,000. (d)...
-
Yummy Foods completed the following selected transactions. Requirements 1. Record the transactions in Yummy Foods' journal. Round interest amounts to the nearest dollar. Explanations are not...
-
Aleena rents a suite and pays $1150 in monthly rent in advance. What is the cash value of the property if money is worth 6.6% compounded monthly?
-
Show that if \(\mathbf{X}^{\prime} \mathbf{X}\) is in correlation form, \(\boldsymbol{\Lambda}\) is the diagonal matrix of eigenvalues of \(\mathbf{X}^{\prime} \mathbf{X}\), and \(\mathbf{T}\) is the...
-
All of us come into contact with distributed systems almost every day, even if it is only while shopping at Walmart or Sears. Describe a distributed system with which you have come in contact. In...
-
Farr Demolition stock sells for $23 per share. The firm has a rights offer outstanding for new equity shares. DeAndrea currently owns 200 shares. She just received one right for every share she owns....
-
Researchers wanted to determine if carpeted rooms contained more bacteria than uncarpeted rooms. To determine the amount of bacteria in a room, researchers pumped the air from the room over a Petri...
-
Explain the difference between retrospective application of a change in accounting policy andprospective application of a change in accounting estimate. Why do you think the standard settersrequire...
-
Why is it important for entities to disclose the measurement bases used in preparing the financial statements?
-
It has been proposed that eddy currents be used to help sort solid waste for recycling. The waste is first ground into tiny pieces and iron removed with a de magnet. The waste then is allowed to...
-
Two firms produce a specialized microchip (Trium X406) used in certain home appliances. Demand is given by Q = 100 - 2p (Q in thousands of units, p in $). Whichever firm sets the lowest price gets...
-
Add avoidmethodaddInOrderto theLinkedListclass which takes an integervalas a parameter. It should find the correct location in the already-sorted (lowest to highest) list forval, then make a new node...
-
Value of Statistical Life a. Define VSL b. How do we calculate a VSL? What is the formula? c. Given that Job A pays $25/hour and has a fatality rate of 13.4/100,000 workers and Job B has an hourly...
-
On September 1 8 , 2 0 2 3 , Jerry received land and a building from Ted as a gift. Ted had purchased the land and building on March 5 , 2 0 1 5 , and his adjusted basis and the fair market value at...
-
Luthan Company uses a plantwide predetermined overhead rate of $ 2 2 . 3 0 per direct labor - hour. This predetermined rate is based on a cost formula that estimated $ 2 6 7 , 6 0 0 of total...
-
What is the impact on the accounting equation when a current months utility expense is paid? A. Both sides increase B. Both sides decrease C. Only the Asset side changes D. Neither side changes
-
Why can wastewater treatment requirements in Hawaii be less stringent than those in most locations on the U.S. mainland?
-
As more and more companies span the globe in terms of their operating, financing, and investing activities, they will increasingly turn to international financial reporting standards when...
-
Briefly describe the historical-cost-constant purchasing power and current-cost models. How are they similar? How do they differ?
-
As a potential investor in the shares of multinational enterprises, which inflation method, restate-translate or translate-restate, would give you consolidated information most relevant to your...
-
Pharoah Enterprises purchased a delivery truck on January 1 , 2 0 2 5 , at a cost of $ 2 6 , 0 0 0 . The truck has a useful life of 7 years with an estimated salvage value of $ 5 , 9 1 0 . The...
-
Consider the following recurrence relation: A(1)=1, A(n) = 2A(n-1)+2"-1 Use the method of unraveling to find a closed form for A(n).
-
Given the following formula: Monthly Pay= [rate + rate / ([1+rate] ^(months) -1) X principle Where rate of 6% means 6/1200 and Months means number of years x 12 Possible data to test: Principle 12200...
Study smarter with the SolutionInn App