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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 are the social responsibilies of xerox corporation
Weegy: here are the social responsibilities of Xerox corporation. Joseph McGuire, in 1963, stated that “social responsibilities supposes that the corporation has not only economic and legal obligations, but also certain responsibilities to society”. [ It means that Xerox as a manufacturer, “plays an important role in influencing the sustainability of our environment”. (xerox.com, 2007) Source: ( ] (More)
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Asked 5/25/2013 4:48:48 PM
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identify the internal control problems with Xerox and its accounting management?
Weegy: Relying on what it called "one-time actions," "one-offs," "accounting opportunities" and "accounting tricks" to achieve earnings targets that it otherwise could not have met, [ Xerox falsely portrayed itself as a business meeting its competitive challenges and increasing its earnings every quarter. Many of these accounting actions violated the established standards of generally accepted accounting principles ("GAAP"). All of them should have been disclosed to investors in a timely fashion because, singly and collectively, they constituted a significant departure from Xerox's past accounting practices and misled investors about the quality of the earnings being reported. The accounting actions improved Xerox's earnings, revenues and margins in each quarter and year during 1997 through 2000, and allowed Xerox to meet or exceed Wall ] (More)
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Asked 5/28/2013 7:38:51 PM
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what are cosidered financial statements
Weegy: A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity. [ In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by accountants. ] (More)
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Asked 5/30/2013 3:06:31 PM
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what is Historical Cost Principle
Weegy: An accounting method in which assets are listed on a balance sheet with the value at which they were purchased, rather than the current market value. [ The historical cost principle is used to reflect the amount of capital expended to acquire an asset, and is useful for matching against changes in profits or expenses relating to the asset purchased, as well as for determining past opportunity costs. Read more: ] (More)
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Asked 5/30/2013 4:22:43 PM
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What is a income statement?
Weegy: An income statement is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. (More)
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Updated 355 days ago|5/15/2015 11:57:28 PM
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