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Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
1. For each of the following accounting assumptions/principles, explain a business transaction: (a) Accounting Entity Assumption (b) Going Concern Assumption (c) Matching Prin
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a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of
Q. Define Operating expenses? Operating expenses for a merchandising company are those expenses other than cost of goods sold incurred in the usual business functions of a comp
Having discussed the possibility of accounting and its emerging function, we are currently in a position to illustrates as to who is an accountant. In an attempt to reply this ques
preparing trial balance with balance method
Debtors are the major role of the business. He is the whole back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our
State about the Reporting sales taxes collected SALES TAX PAYABLE - CREDIT BALANCE SALES RETURNS INVOLVING A SALES TAX Tax should also be returned to the customer.
Q. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
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