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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. What is periodic inventory procedure? In the periodic inventory procedure the Merchandise Inventory account is updated periodically subsequent to a physical count has been m
The tax payable on a non-salary benefit given to an employee or an associate of the employee. The employer is liable to pay any FBT and may decide to recover the FBT amount from th
#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
What is the relationship of accounting and biology?
Q. What is Long-term liabilities? Long-term liabilities are debts such as a bonds payable and mortgage payable that aren't due for more than one year. Companies must show matur
The Development Stage Entities Topic specifies the guidelines for identifying an entity in the development stage, addresses the applicability of generally accepted accounting princ
What is the implication of applying accounting concepts wrongly
Define Carriage outwards.
O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi
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