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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.
Q. Describe about Cash role in balance sheet? Cash includes deposits in banks obtainable for current operations at the balance sheet date plus cash on hand consisting of un-dep
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on 10/15 the academy agreed to teach a four month class (beginning immediately) to an individual for $2,200 tuition per month payable at the end of the class. the class started on
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how the minority interest will be calculated?
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
What is the difference between financial statements prepared from the expanded accounting equation and those prepared from a trial balance?k question #Minimum 100 words accepted#
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