APB 29 (Accounting Principles Board Opinion No. 29) Accounting for Non-monetary Transactions states that an exchange of non-monetary assets should be recorded at fair value. Certain modifications to that basic principle are contained in paragraphs 20-23 of APB No. 29. Paragraph 21(b) provides that accounting for an exchange of productive assets for similar productive assets should be based on the recorded amount of the non-monetary assets relinquished. However, Paragraph 4 of APB No. 29 states that Opinion is not applicable to business combinations.
FUTURES CONTRACT is an agreement to buy or sell a specific amount of a commodity or financial instrument at a specified price on a specified future date. Futures contracts are traded on a commodity exchange and used both for speculation and hedging.
WINDOW OF ENTERPRISE depicts the overall structure of accounting.
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