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A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31 December.
What is the charge for rates in the 2010 income statement?
a) $4000
b) $4200
c) $ 4600
d)$4800
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Its depends on the credit period of the company i.e. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. We can say the Effectiv
Give the statement classification of each income statement account
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Scop of accounting
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