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Q. Explain the Matching Principle?
Matching Principle - A basic concept of basic accounting. In any one given accounting period, you must try to match the revenue you are reporting with expenses it took togenerate that revenue in same time period, or over periods in that you will be receiving benefits from that expenditure. A simple example is depreciation expense. If you purchase a building which will last for many years, you don't write off the cost of that building all at once. In its place, you take depreciation deductions over the building's estimated useful life. Therefore, you've ‘matched' the expense, or cost, of building with the benefits it produces, over the course of years it will be in service.
Assume that it is now January 1, 2012. XYZ Inc. has developed a solar panel capable of generating 200% more electricity than any other solar panel currently on the market. As a res
Investment with cum.div. Quotation Investment with cum.div. Quotation will be debited to the investment account at its full value. When the dividend is subsequently received it
definition of financial accounting concept
Presented below are four independent situations which you as a Manager Trainee employed with Your Company have been asked to evaluate. Evaluate each situation based on what each re
There are two projects A and B. The initial capital outlay of A and B are Rs.1,35,000 and Rs.2,40,000 respectively. There will be no scrap value at the end of the life of both the
Is goodwill a fictitious asset?
The City of Miami must replace a number of its concrete mixer trucks with new trucks. It has received two bids and has evaluated closely the performance characteristics of the seve
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Permanent accounts would not include a interest expense b wage payable c prepaid rent d unearned revenues
Procedure after Winding-up Order 1. A copy of the order must be filed by the company with the registrar s.227. 2. The company must deliver a statement of affairs to the Offici
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