Management and Organizational Studies 3370A/B Study Guide - Quiz Guide: Accounts Payable, Going Concern, Current Liability

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A severe cold snap may affect this year"s crop of florida"s orange growers. The potentially adverse affect is disclosed in their financial statements. This practice can be best described as an application of. Earnings per share is calculated by dividing profit for the period by the dollar value in the common shares account. Which of the following is not a main section of the conceptual framework of accounting: A company should only change its accounting principles if a new principle will result in a less expensive way for the company to present the information. The conceptual framework of accounting helps to ensure: Existing standards and practices are clear and consistent. There is only one possible way to present economic transactions. C. all countries will have their own unique accounting standards. D. a rule will be in place for every possible situation. The going concern assumption assumes that the business. C. will remain in operation for the foreseeable future.

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