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Question 1: When we talk about cash accounting and accrual accounting we must understand that the only difference between both the accounting methods is of timing. Cash basis of accounting says that the sale and purchase must only be recorded when cash is actually paid whereas the accrual accounting says that a sale or purchase must be recorded as soon as it takes place. Accrual accounting is usually used in the organization where all the dealing is done on credit basis. The only difference between the methods is timing; when is the sale recorded? Also, if sold on credit, when do we expect to see money?
swanton company currently sells 3 products and details of revenues and costs are given below. the company is thinking
What are the advantages of matching the maturities of assets and liabilities? What are the disadvantages?
the cost accountant for a drug company has informed you thatthe companys materials quality variance for a allegra was
The only other cost charged to cost of sales is travelling of £50,000. Other administration costs are £80,000. Calculate the gross profit and net profit
Please evaluate and explain to Mr Kristos Le Droit (the new treasurer of LOACH) what was right and what was wrong in the above action.
Andy and Lau shared net income and losses in the ratio of 3:2, respectively. What is the Jackie's capital balance after the new partnership is created
After considerable controversy, the application was approved on November 10, and two days later, the sum of $950,000 was paid to Mario's estate in full satisfaction of the purchase price. Mario had died unexpectedly on November 1. Discuss the esta..
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Provide the general journal entry necessary to record the December 31, 2013, interest expense.
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a basic assumption of accounting that requires activities of an entity be kept separate from the activities of its
Issued $600,000 face value Sloan Co. second mortgage, 8% bonds for $654,120, including accrued interest. Interest is payable semiannually on December 1 and June 1 with the bonds maturing 10 years from this past December 1. The bonds are callable..
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