1)
Introduction: A business that modifies its way of gathering and reporting its financials is said to have changed its accounting principles, i.e., the business will either select from a selection of generally accepted accounting principles or alter the method by which a principle is applied.
To identify: The type of changes made.
2)
Introduction: The process for initially recording business transactions in the books of accounts is known as a
To Prepare: The journal entry based on different situations.
3)
Introduction: The process for initially recording business transactions in the books of accounts is known as a journal entry. The double-entry technique becomes the foundation for the purpose of documenting the journal entry.
Steps need to be taken to appropriately report the situation
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