LearningCat: Other Disclosures

How to Correct Errors in Notes to Financial Statements
Errors or mistakes can happen anytime in the financial statements irrespective of the company’s level of meticulousness took in the event of preparing them. These errors can bring the alteration to the whole financial canvas of the company via miscalculations and misstatements. It is vital to correct them in the required manner. This results in […]
Going Concern Assumption
What is the Going Concern Assumption? The Going Concern Assumption is the basic doctrine in accrual accounting, proclaiming that the company will stay persisting into the coming years instead of facing liquidation. What Does Going Concern indicates? In accrual accounting, the going concern assumption is used for formulating the financial statements. That means the company […]
Changes in Accounting Estimates
Accounting estimates are everywhere, even if you don’t notice them. They shape how businesses figure out things like the value of their assets, how much to set aside for bad debts, or how long they expect equipment to last. But these numbers aren’t set in stone. They change. And when they do, there’s a whole […]