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Expenses paid in previous of their use or consumption is termed as prepaid expenses. At the ending of the year, a portion of the payment keeps unconsumed and is treated like an asset, as its benefit is to be availed of in future. For pre-paid expense, the adjustment entry is made through debiting prepaid expense account and crediting expense account. If such item shows on the debit side of the trial balance, it will be demonstrated only on the assets side of the balance sheet. This will not show in Profit and Loss Account at all.
Choice of Budget Flexing Basis The most suitable flexing basis must be considered where it assists in the comparison of alternative budget data at the planning stage and for
Advantage and Disadvantages of Zero Based Budgeting Advantages 1. Resources allocation is more efficient. 2. Focus attention on values for money and makes clear relat
Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories: • Variable • Fixed • Mixed •
A company manufactures a single product. Estimated cost data regarding this product and other information for the product and the company are as follows: Sales price per unit Rs.2
One item a computer store sells is supplied by a vendor who handles only that item. Demand for that item recently changed, and the store manager must determine when to replenish it
behavioral aspect of standard costing
Are non-profit and governments required to depreciate assets? Why or why not? Would it make sense for them to use double declining balance? Is there a difference between a non-p
A local hotel offers lodging services. You can pick a name for the hotel(Home Sweet Home Hotel). Your team will develop a prototype reservation system to record client bookings fo
Three oligopolists, A, B and C, produce an identical product, Q. Q is produced under conditions of constant costs, that is, AC = MC = $100. The market demand schedule for Q is:
Alger Corp wants to buy some construction equipment for $50,000, which has a useful life of 4 years with no salvage value. Alger uses straight-line depreciation. Alger has a tax ra
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