Accounting Principles Assignment - 2931 Words

North South University Act 201 Assignment Semester : Summer - 2010 Date Of Submission : 08 - 08 – 2010 Name : Saif Uddin Siddique I D : 102 0610 0 3 0 Faculty : Mdm Section : 03 Question No. 1 : Explain using various examples,how the major accounting concepts are used in preparing financial statements. Answer : There are several accounting concepts that are used by the accountants worldwide in preparing financial statements.Using these principles one can prepare a†¦show more content†¦4 ) Consistency Concept : There can be different accounting treatments for an item.According to consistency concept,when a business has once fixed a specific method for the accounting treatment of an item,it will continue treating the item and the similar items in exactly the same way.For example,a business follow the staright line method for charging depreciation on fixed assets.Suddenly,in a year it changes the method to declining balance method.If such thing is done without any logical consideration,then consistency concept will be violated.The net profit will be affected along with the fixed assets.If there are logical reasons to change the method,then the reasons and the effect should be stated in the notes attached with the financialShow MoreRelatedAcc 206 (Principles of Accounting Ii) Complete Class All Assignments , Dqs and Problems4130 Words   |  17 PagesACC 206 (Principles of Accounting II) Complete Class All Assignments ,DQs and Problems Click Following Link To get Entire Class http://homework-aid.com/ACC-206-Complete-Class-All-Assignments-DQs-and-Problems-617.htm You can get entire class as well as single Assignments and DQs ACC 206 Week 1 Assignment Chapter 1 Problems ACC 206 Week 1 Assignment Chapter 1 Problems Why are noncash transactions, such as the exchange of common stock a building, included on a statement of cash flows? 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