This institute created many of the systems by which accountants practice today. The formation of the institute occurred in large part due to the Industrial Revolution. Merchants not only needed to track their records but sought to avoid bankruptcy as well. The Alliance for Responsible Professional L...
false - the initial fee to establish the franchise is capitalized as a intangible asset while additional periodic payments are expensed as incurred We record goodwill as an intangible asset in the balance sheet only when ___.we make an acquisition at a price below the fair value of net asset...
Things are a little different according togenerally accepted accounting principles (GAAP). Under GAAP, leasehold improvements "areamortizedover the shorter of the useful life of those leasehold improvements and the remaining lease term."4 Types of Leasehold Improvements Tenant Improvement Allowance This t...
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In other words, the company only has a small amount of fixed assets. To be asset-light generally means a business will have a better return on assets, greater flexibility, and lower profit volatility. For example, companies in the service sector are commonly asset-light....
Objective:01-Cl Topic:Purpose of Accounting 2. Bookkeeping is the recording of transactions and events and is only part of accounting. Answer: True Blooms: Remember AACSB: Communication AICPA BB: Industry AICPA FN:Decision Making Difficulty:1 Easy Leaning Objective:01-Cl Topic: What is ...
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Principle of prudence: This principle aims at showing the reality "as is" : one should not try to make things look prettier than they are. Typically, revenue should be recorded only when it is certain and a provision should be entered for an expense which is probable. Principle ...
’ Value added, profits, disposable income, and saving are examples of balancing items that can only be measured within anaccountingframework. These balancing items are typically the most interesting and important items within the accounts as they encapsulate a great deal of information about the ...
2. Access to Priority Circle and its benefits are available only to customers located in the 50 United States, including DC, who have an active, paid subscription to QuickBooks Desktop Enterprise or QuickBooks Online Advanced. Eligibility criteria may apply to certain products. When customers no lo...