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Q. What are Accrued items explain with example?
Delayed items consist of two types of adjusting entries asset/expense adjustments and liability/revenue adjustments. For instance prepaid insurance and prepaid rent are assets until they are used up then they become expenses as well unearned revenue is a liability until the company renders the service then the unearned revenue becomes earned revenue.
Accrued items consist of two kinds of adjusting entries asset/revenue adjustments and liability/expense adjustments. For instance assume a company performs a service for a customer but has not yet billed the customer. The accountant files this transaction as an asset in the form of a receivable and as revenue because the company has earned revenue. As well assume a company owes its employees' salaries not yet paid. The accountant files this transaction as a liability and an expense because the company has incurred an expense.
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
Q. Advantages of Weighted-average? Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation
Determine the types of Credit card sales Bank Credit Card Sales - Most retail businesses accept bank credit cards. Treated as a CASH sale. Recording Bank Credit Card Sale
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third
Q. Neutrality of accounting information? The Neutrality signifies that the accounting information must be free of measurement method bias. The primary concern must be relevance
Advantages of setting Accounting Standards: 1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly. 2. Sett
You have been engaged internal auditor by the management of Alden proprietary limited to review its internal control over the purchases, receipt, storage and issue of raw material.
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
The Kauai Surf Company sells high-end surfboards to tourists. The inventory is purchased from a manufacturer in Honolulu.
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