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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.
Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long term investment for $900,000. During the year, Paxton Corporation reported net income of $300,
Hi, How to get help with tutor, in accounting exam prepartion? please suggest?
Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed
Q. Explain about statement of cash flows? Retained earnings usually consist of the accumulated net income of the corporation minus dividends distributed to stockholders. We exa
Angel Individual investors which are often called angels, make capital investments in entrepreneurial ventures in return for equity (partial ownership) in the industry. These
On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an add
Scenario Sara Jones opened a technical consulting business called Hi-Tech For the Future earlier in the year. So far, she has been successful in providing services and selling
Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
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