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Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the information. In this segment we focus on the measurement procedure of accounting. Accountants measure a business entity's liabilities, assets and stockholders' equity and any changes that occur in them. By assigning the result of these changes to particular time periods (periodicity) they can find the net income or else net loss of the accounting entity for those periods.
Accountants measure the variety of assets of a business in different ways. They measure cash at its specific amount. Explains how they measure claims to cash such like accounts receivable at their expected cash inflows taking into consideration possible uncollectible. They measure prepaid expenses, inventories, plant assets and intangibles at their historical costs (actual amounts paid). After the acquisition date they carry a few items such as inventory at the lower-of-cost-or market value. Subsequent to the acquisition date they carry plant assets and intangibles at original cost less accumulated depreciation or amortization. They calculate liabilities at the amount of cash that will be paid or the value of services that will be performed to satisfy the liabilities.
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Encik Farid, a sole trader, started his business on 1 May 2010 under the name Farid Enterprise. The following are his business transactions for the month of May a. Encik Farid
i need to pay rent for 3 year 2011,2012,and 2013. am in 2012 1 December. what entries will be there for rent account and the rant account balance amount
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax.
Q. Example of Net purchases? Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanl
Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to
Q. Describe about Fixed Assets? Fixed Assets can't be quickly turned into cash without interfering with business operations.Fixed assets comprise buildings, land, machinery, fu
journal entry fire insurance claim received for previous year is 50% of its original claim
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
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