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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.
my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
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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.
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he chairperson of the accounting department has three summer courses available: Accounting 201, Accounting 202, and Accounting 305. Twelve faculty members are available for assign
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