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Explain the term- Depreciation
This is a term which is used to describe the expense which results from loss of usefulness of an asset because of age, wear and tear, and obsolescence. This adjustment spreads cost of an asset over its useful life. Calculate annual amount, then monthly. Depreciation is ALWAYS recorded by debiting an expense account named Depreciation Expense and crediting an account called a "Contra Account" (means offsetting or opposite). Balance of this contra-asset account is a credit-opposite of an asset account. Amount isn't displayed as a credit to asset account, however in a separate contra-asset account. There would be an individual account for every of the items which are being depreciated. Some illustrations would be: office equipment, store equipment, delivery truck, automobile, etc. Land is never depreciated as it's considered permanent and is presumed to last forever. Depreciation only refers to allocation of an asset's cost over its estimated useful life. There are numerous ways to conclude depreciation however this class will only use one-the Straight-Line Method.
what are special journals
Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Explain Discounts allowed.
Goods purchased from ranu p5000
difference between credit and debit
Q. FIFO under perpetual inventory procedure? FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account r
need help for 1 question
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
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