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Q. Explain about Exchange-price or cost principle?
When resources are transferred between two parties such like buying merchandise on account the accountant must follow the exchange-price (or cost) principle in presenting that information. The exchange-price (or cost) principle requires an accountant to record transfers of resources at prices agreed on by the parties to the exchange at the time of exchange. This principle sets forth (a) what goes into the accounting system-transaction data (b) when it is recorded-at the time of exchange and (4) the amounts-exchange prices-at which liabilities, assets, stockholders' equity, revenues and expenses are recorded.
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T
i dont get how it is done
Q. What are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio
Q. Explain Merchandise in transit? Merchandise in transit is merchandise in the hands of a shipment company on the date of a physical inventory. As stated above buyers should
Explain Carriage inwards.
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.on..
Liquidity refers to a company's cash position, availability of resources to meet short-term cash requirements, and overall ability to obtain cash in the normal course of business.
Q. Example of lower-of-cost-or-market method? A company may perhaps apply LCM to each inventory item such as Monopoly each inventory class (such as games) or total inventory. T
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
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