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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. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo
Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s
User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan
Below is the share price, taken annually over the last ten years, and a table of dividends paid over the last ten years, for each Bendigo and Adelaide Bank and Commonwealth Bank.
Paid salaries to sales clerks
John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,
Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In
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
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac
The Olympic Company has an accounts receivable balance at December 31, 2010 of $159,548.00. The existing balance in the Allowance for Uncollectible Accounts was a credit of $2,563
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