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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).
Q. Illustrate Periodic inventory procedure? Companies by means of periodic inventory procedure make no entries to the Merchandise Inventory account nor do they maintain unit re
Q. Explain about Conservatism? Conservatism The Conservatism means being prudent or cautious and making sure that assets and net income are not overstated. Such overstatements
Objective of Eight non-profit organization engaged in the conservation forest and wild animals
If my company sells 4000 shares of common stock for $86,400, how do I record this in the Journal?
Adjustments for financial reporting - Explain the basic characteristics of the cash basis and the accrual basis of accounting. - Recognize the reasons why adjusting entries
After going through this section, you should be capable to: Appreciate the needs for a conceptual framework of accounting; understand and appreciate the Generally Accept
Lego Toys is planning to produce new toys at its factories. The setup cost of the production facilities, production costs and profits for each toy are given below: Toy Setup c
Graham maintains that formulation and implementation are phases in the strategic management process. Yolanda maintains that evaluation and estimation are also part of this proc
Q. Advantage of a pre-inventory sale? Have you still taken advantage of a pre-inventory sale at your favourite retail store Many stores offer bargain prices to decrease the mer
What is the change fund Business that have many cash transactions generally establish this fund, which is an amount of money which is placed in the cash register drawer and is
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