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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. Summary of significant accounting policies? As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in int
While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine
Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and
During the current year, Mast Corporation expects to produce 10,300 units and has budgeted the following: net income $350,376; variable costs $1,080,800; and fixed costs $105,000
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
define accounting. Briefly explain its concepts
Explain the process involved in accounting
Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership
contractee account is it an assets account or expenses Account
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
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