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Q. Illustrate Exchange-price concept?
Exchange-price (or cost) concept (principle). The majority of the amounts in an accounting system are the objective money prices determined in the exchange process. Consequently we record most assets at their acquisition cost. Cost is the sacrifice made or else the resources given up measured in money terms to acquire some desired thing such as a new truck (asset).
Two techniques of accounting for inventory are perpetual inventory procedure and periodic inventory procedure. Under perpetual inventory procedure the inventory account is constant
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
What is Beer direct materials and raw materials? Raw materials are the basic materials and parts that are to be used in the manufacturing process Raw materials that can be ph
An asset or account of borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss assets as per the guidelines issued by RBI. An
Q. Explain journal entry? A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the
Define Carriage outwards.
ABC Insurance Company offers individual auto and home insurance servicing the East Coast. The company''s home office is located in Albany, New York. However, ABC Insurance Company
WHAT IS ACCOUNTING
Q. Describe about post-closing trial balance? A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that mu
how we prepare ledger account and trial balance?
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