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Expenses are usually recorded only while they are paid. The failure to record unpaid expenses in the accounts outcomes in an understatement of which expense and also an understatement of a liability. So as to avoid understatement of these expenses and liabilities, an adjustment entry is passed through debiting the expense account and crediting the personal account of the party to that amount is to be paid. If outstanding expenses show on the credit side of the trial balance after that they will be considered to the liability side of the balance sheet.
What are the dependent and independent variables in Cost Accounting??
Three of the cost items that are included in the production overhead for a factory for a period are: Machine maintenance labour $33,600 Power
Q. 1. The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $1,300 During the year 201
H Bhd has a 75% holding in the ordinary shares of S Sdn Bhd and 40% in A Sdn Bhd. Shares in S were acquired in 2006 when its retained earnings were RM120 million. The shares in A
Reef Office Supplies is interested in estimating the cost involved in hiring new employees. The following information is available regarding the costs of operating the Human Resour
Explain and illustrate with your own example the operating cycle of a merchandiser. Explain and illustrate the differences between a multiple-step income statement and a single
types
Standard costing System has the following main advantages or benefits: 1. The process in itself often discloses inefficiencies, because the setting of standards requires a thoro
We have earlier explained working capital by total current assets less current liabilities. It, in other words, implies that all the assets held through the business along with the
Shortflower Ltd currently publishes, prints and distributes a range of catalogues and instruction manuals. The management has now decided to discontinue printing and distribution a
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