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How do you assess the condition of an asset?
Asset condition assessments involve monitoring assets periodically and using the data collected from those inspections to determine the condition of each ...
Jan 02, 2026 0 views
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What makes financial information relevant?
A financial statement is relevant when it has data that is valuable enough to make predictions /estimations about future events like calculating the futur...
Jan 02, 2026 1 views
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What is rent expense?
Rent expense is an account that lists the cost of occupying rental property during a reporting period. Under the cash basis of accounting, the amount of r...
Jan 02, 2026 0 views
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How do you calculate net profit from cash profit?
Cash profit is the profit recorded by a business that uses the cash basis of accounting. Under this method, revenues are based on cash receipts and expens...
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Do all US companies have to follow GAAP?
Not all businesses are required to follow GAAP. The U.S. Securities and Exchange Commission (SEC) requires publicly traded companies to follow GAAP in add...
Jan 02, 2026 0 views
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How do you calculate inventory carrying cost?
To calculate inventory carrying cost, divide your inventory holding sum by the total value of inventory, and multiply by 100 to get a percentage of total ...
Jan 02, 2026 0 views
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What does it mean to be gross?
without deductions; total, as the amount of sales, salary, profit, etc., before taking deductions for expenses, taxes, or the like (opposed to net2): gros...
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Why is it important to set up internal control measures over fixed assets?
Effective internal control reduces the risk of asset loss, and helps ensure that plan information is complete and accurate, financial statements are relia...
Jan 02, 2026 0 views
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WHO issued the APES 110 Code of Ethics for Professional Accountants and who is required to abide by the standard?
International Ethics Standards Board for Accountants APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) is...
Jan 01, 2026 0 views
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Which type of account is suspense account?
current asset The suspense account is classified as a current asset, since it is most commonly used to store payments related to accounts receivable. It i...
Jan 01, 2026 0 views
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Who governs accounting?
The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provi...
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What are the basic benefits and purposes for a company to develop pro forma statements?
Pro forma statements for each plan provide important information about future expectations, including sales and earnings forecasts, cash flows, balance sh...
Jan 01, 2026 0 views
