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no question or comment. I agree with the statement.
Noted.
Are there consequences to the firm who uses same accounting methods as another firm?
The owner decides that because the business down the road uses the straight line method of depreciation his or her business should do the same.
Diversity been able to take over your accounting
Diversity Allows for the fact that no two firms are the same and therefore may use different accounting methods. The owner decides that because the business down the road uses the straight line method of depreciation his or her business should do the same
Diversity Allows for the fact that no two firms are the same and therefore may use different accounting methods. The owner decides that because the business down the road uses the straight line method of depreciation his or her business should do the same
Accounting -> Accounting Principles: Diversity Diversity Allows for the fact that no two firms are the same and therefore may use different accounting methods. Breach: The owner decides that because the business down the road uses the straight line method of depreciation his or her business should do the same.
There may be diversified ways of preparing accounts. For instance, some may follow the straight line depreciation method where as others may adopt diminishing line depreciation methods as per their requirement.
i agree