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The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the
In response to a question about financing the acquisition, James replied "The production equipment will cost $950,000. We will also need to purchase $50,000 of additional equipmen
Baseball Products manufactures a single product with the following full unit costs at a volume of 2,000 units: Direct materials $ 900 Direct labor 360 Manufacturing overhead* 6
Members Voluntary Winding Up The company may be wound up by the members themselves without reference to the creditors, if the company is solvent. 1) Declaration of solvency
Calculate breakeven in sales units and in sales value: Tycoon makes and sells 600 toy cars per month. Each toy car is sold for RM40 each. Tycoon is currently producing at 50
Illustration for preparing final accounts K Ltd established a branch in Arusha Tanzania on 1.1.X2, when Kshs 1 = TShs 15. PPE costing Kshs 800,000 were purchased on that day. I
explain accounting concepts and conventions?
Q : The Trial Balance of Dephane Main Fashion Center contained the following accounts at November, 30 the end of the company fiscal year. Dephane Main Fashion Center Trial Balanc
To decide in what zone should be placed a store which sells video-cassettes, the manager of a firm which sells and rents cassettes makes a study to estimate the demand for each sto
PROOF OF DEBTS The following rules apply as to the proving of debts: 1) A creditor has no right to vote or receive dividends until his debt is proved to the satisfaction of th
Q. What is Capital Gain? Capital Gain - Portion of total GAIN recognized on the sale or exchange of a no inventoryasset that isn't taxed as ORDINARY INCOME. Capital gains have
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