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what is going concern assumption?
Going concern assumption: An accounting guideline which allows the readers of financial statements to assume that the company will continue on long enough to carry out its objectives and commitments. [ In other words, the accountants believe that the company will not liquidate in the near future. This assumption also provides some justification for accountants to follow the cost principle. ]
Expert answered|jeifunk|Points 9798|
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Asked 5/30/2013 3:59:50 PM
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what accounting principle did xerox violate?
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Updated 5/30/2013 10:58:53 PM
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Added 5/30/2013 10:58:53 PM
what is stockholders' equity?
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Asked 5/30/2013 5:29:16 PM
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what is statement of financial position?
Weegy: A statement of financial position, also known as a balance sheet, is a financial document that provides an overview of an entity's finances at a given point in time. [ These statements are commonly used by companies large and small, but they can also be applied to personal finances, for people who want to generate a document that they can use to review their financial situation for the purpose of making budgeting decisions or financial plans. Many accounting software programs have mechanisms to automatically create one. There are two main areas on a statement of financial position. One covers the assets, everything owned by the person or company, including real estate, cash in hand, contents of bank accounts, and so forth. The other side includes the liabilities, funds owed. A statement usually breaks these sections up into several categories for ease of reference, so that people can quickly look up a topic of particular interest, such as accounts payable or overdue loans. The liabilities also include the ownership equity or the shareholder equity in the business. The assets should equal the liabilities once the ownership or shareholder equity has been factored in, and if they do not, it is a sign that the financial statement is out of balance. This is in accordance with the accounting equation, which states that assets = liabilities + ownership or shareholder equity. Incidentally, this explains the term "balance sheet," which reflects the idea that the two sections of the sheet should be equal or balanced. Commonly, a statement of financial position will be generated at the end of every month. Looking up past months can provide information about how a company's finances are progressing, and these documents can also be compared with statements from the same month in prior years. Using this document, decisions can be made about the next steps to take. If, for example, a company has a lot of assets, it may be a sign that it can comfortably expand because ... (More)
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Asked 5/30/2013 5:14:56 PM
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what is stable-monetary-unit assumption?
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Asked 5/30/2013 5:06:41 PM
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