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After closing the financial statements for the year, you, the accountant for a medical center have found that an invoice for $1500.25 was not recorded or paid during the year. Shoud you revise the financial statements to reflect the additional expense? why or why not? Which accounting principle does the above transaction represent?
What else can I help you with?
What school of psychology developed the principle of closure?
The principle of closure was primarily developed within the field of Gestalt psychology. This principle suggests that the mind tends to perceive incomplete figures or forms as complete by filling in gaps.
What are the subfields in psychology?
there are very many subfields in psychology. some examples are experimental psychology, developmental psychology, consumer psychology, media psychology, educational psychology, exercise and sport psychology, behavioral psychology, social psychology, foreinsic psychology, clinical psychology, and geriatric psychology.
What is peudo psychology?
Pseudo Psychology is the practices which are given resemblance to psychology but in real sense of the word it is not true.It can also be referred to as false psychology. Examples are phrenology,graphology and palmistry.
What is group matching in psychology?
the logic behind group matching is to ensure that experimental and control group are equvilant on some criterions( sex, race, height etc). Hopefully during group matching, say group matching for sex, one would first divide the sample into males and females and then randomly assign half of each group to each condition.
What are some examples of descriptive norms in social psychology?
Descriptive norms in social psychology are unwritten rules that dictate how people should behave based on what others are doing. Examples include: wearing a mask in public during a pandemic, following traffic laws, and queuing in line.
The process of recording revenue in the period it is earned is in line with which principle?
Matching Principle.
What is the difference between accrual accounting and matching principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
What is the different between accounting principle and accounting principle?
Matching principle is the base of accrual accounting system which tells that each revenue earned should be matched with cost spent to earn that revenue so accrual account and matching principle is not different but same thing.
Importance of matching principle?
accounting matching principals ( costs and revenue ) is very important to show the correct year result.
The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is?
The matching principle
Weaknesses of the direct write-off method is?
Violates the matching principle
What school of psychology developed the principle of closure?
The principle of closure was primarily developed within the field of Gestalt psychology. This principle suggests that the mind tends to perceive incomplete figures or forms as complete by filling in gaps.
What is mathing principle?
Matching principles advocates the matching of all expenses in specific fiscal year with matching reveneus for the same fiscal year.
B What is Matching Principle. Why should a business concern follow this principle?
Matching principle teaches about matching the revenues of one fiscal year with expenses of the same fiscal year. Business concerns are encouraged to use this system because it is more accurate reporting tool as well as information provided in this way is more reasonable for analysis and comparison purpose.
What does the matching principle require?
The matching principle requires that cost of each fiscal year should be matched with revenue of that fiscal year and no previous or future period cost and revenues can be match in current fiscal year.
Intangible assets are capitalized and amortized over periods benefited?
Matching principle
What is the application of the matching principleto depreciation of plant and equipment can best be described as?
What is The application of the matching principle to depreciation of plant and equipment can best be described as?
