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Q. Economic substance of the transaction?
In a few business transactions the economic substance of the transaction conflicts with its legal form. For instance a contract that is lawfully a lease may in fact be equivalent to a purchase. A company may perhaps have a three-year contract to lease (rent) an automobile at a stated monthly rental fee. At the end of the lease period the company obtain title to the auto after paying a nominal sum. The economic substance of this transaction is a purchase somewhat than a lease of the auto. Therefore under the substance-over-form concept the auto is an asset on the balance sheet and is depreciated instead of showing rent expense on the income statement. Accountants record a transaction's economic substance somewhat than its legal form.
80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto
Q. Define Non-operating revenues? Non-operating revenues or other revenues and non-operating expenses or other expenses are revenues and expenses not related to the sale of pro
Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason
on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). ap
Q. Example of Statement of retained earnings? Statement of retained earnings The statement of retained earnings as you remind is a financial statement that summarizes the trans
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Criticisms against setting of Accounting Standards: 1. Setting of Standards may occasionally control the type of treatment of definite items. 2. They may generat
Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount
A method of expressing the relationship between one accounting result and the other, which is intended to give a useful comparison. Accounting ratios helps in measuring the efficie
In Exhibit the accurately stated ending inventory for the year 2009 is USD 35000. As a result Allen has a gross margin of USD 135000 as well as net income of USD 50000. The stateme
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