personal finance, Accounting Basics

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A light truck is purchased on january 1 at a cost of $27, A light truck is ...

A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for t

Effects of bias in terms of accounting, Q. Effects of bias in terms of acco...

Q. Effects of bias in terms of accounting? Where there is no correspondence the cause may be (a) bias or (b) lack of completeness. - Effects of bias. Accounting measuremen

What is cash book, Question 1 What is cash book? Explain the different ...

Question 1 What is cash book? Explain the different types of cash book 2 Prepare a trial balance from the following Particulars Amount Rs.

Purpose of adjusting entries, Q. Purpose of adjusting entries? In this ...

Q. Purpose of adjusting entries? In this section we exemplify each of the four types of adjusting entries asset/expense liability/revenue, asset/revenue and liability/expense.

What is asset cost and estimated residual value, Q. What is Asset cost and ...

Q. What is Asset cost and Estimated residual value? Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset. Estimated residual value:

Cash flow statement vs funds flow statement, Cash Flow Statement Vs Funds F...

Cash Flow Statement Vs Funds Flow Statement:   together the Cash Flow Statement and Funds Flow Statement give approximately comparable picture of the firm. They don't be different

What do you mean by account, Q. What do you mean by account? An account...

Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,

Determine the various approaches to product costing, Details: Costing prod...

Details: Costing products is a matter of considerable importance to organizations. The need for accurate product costs ranges from cost identification for inventory valuation purp

Matching principle, Which accounting policies demonstrate the matching prin...

Which accounting policies demonstrate the matching principle?  1 charging depreciation on non-current assets 2 revaluing non-current assets on a irregular basis 3 using the re

Why is the cash basis of accounting, Why is the cash basis of accounting no...

Why is the cash basis of accounting not used when preparing financial statements?

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