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Accounting PoliciesThese financial statements have been prepared under the historical cost basis of accounting which is modified to accommodate the revaluation of certain property, plant and equipment.Property, plant and equipment are stated in the accounts of cost or revalued amount less accumulated depreciation. Depreciation is based on the estimated useful life of the asset and is provided at the following rates:Assets RateLand No depreciationBuildings 2 % on costPlant and machinery 20% on costFixtures, furniture and fittings 25% on costMotors vehicles 30% on reducing balanceInventory is stated at the lower of cost and net realizable value. Cost represents the purchase price or production cost and other expenses incurred to get the inventory ready for sale. Net realizable value is the selling price of the inventory less other expenses that will be incurred to get he inventory ready for sale.
five modern accounting techniques
1.discuss how the vat system works 2.list and explain the vat supply categories, provide examples in each category write as an essay of 500 words
A company is considering the purchase of new equipment for $45,000. The projected after-tax net income is $3,000 after deducting $15,000 of depreciation. The machine has a useful l
Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June: a. Purchased, o
XYZ Company is a large manufacturer of auto parts for the auto manufacturers and parts distributors. XYZ has plants throughout the world, but most are located in North America. XYZ
Given the following cash flows for projects A and B: Year Project A Project B 0 -100,000 -150,000 (Project Cost) 1 25,000
XYZ Enterprises manufactures tires for the Formula One motor racing circuit. For August 2011, XYZ budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire an
For getting the EOQ formula we shall use the subsequent symbols: U = annual usage/demand Q = quantity ordered F = cost per order C = per cent carrying cost P = pric
Explain the term- Not-for-profit organisations There are many organisations that don't exist mainly for the pursuit of profit. Instance include: ?charities ?clubs and ass
shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2011. At January 1,2011, the corporation had outstanding 105 mill
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