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Q. Illustrate accumulated depreciation account?
Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a deduction from the related asset. The accumulated depreciation account is a contra asset account that demonstrates the total of all depreciation recorded on the asset from the date of acquisition up through the balance sheet date. A contra asset account is a deduction as of the asset to which it relates in the balance sheet. The use of a contra asset account is to decrease the original cost of the asset down to its remaining un-depreciated cost or book value.
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
what is accrued revenue
TDS (tax deducted at sources) .The person whereas making payments of income,covered by the scheme are responsible to deducted TDS and deposite the similar in goverment treasury wi
Social Responsibility Accounting: Social responsibility accounting is a modern phase in the development of accounting and owes its birth to rising social awareness that has be
Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason
The organization's name is Coffee Affectionardo Pty Ltd and the company imports and sell various types of coffee machines, grinders, filters and beans. The business has two dir
What if the public holiday falls on a rest day? how to pay and which one is?
i dont undrstnd t concepts of assets and liabilties n also journal entries thnks
Illustrate the cases of financial accounting ?Enron, an energy-trading business which is based in Texas, and was accused of entering into complicated financial arrangements in
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 ca
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