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Q. Explain about Accrued assets?
Accrued assets are assets such like interest receivable or accounts receivable that haven't been recorded by the end of an accounting period. These assets represent privileges to receive future payments that aren't due at the balance sheet date. To show an accurate picture of the affairs of the business on the balance sheet firms recognize these privileges at the end of an accounting period by preparing an adjusting entry to correct the account balance. To point out the dual nature of these adjustments they record related revenue in addition to the asset. We as well call these adjustments accrued revenues because the revenues must be recorded.
The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?
Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.
State the steps of Merchandise inventory 1) TRANSFER THE BEGINNING INVENTORY FIGURE Debit INCOME SUMMARY for beginning inventory amount. Credit MERCHANDISE INVENTORY fo
Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
Consistency Concept In practice, there are some manners to record an event or a transaction in the books of account. For illustration, the trade discount on raw material purch
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Q. Example on gross margin method? To demonstrate the gross margin method of computing inventory assumes that for several Years Field Company has maintained a 30 per cent gross
What is accounting process?
Limitations of Ratio Analysis : In spite of the a variety of uses of ratio analysis, it go through from certain limitations, some of which are as under; 1. Limited use
S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and
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