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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.
Two friends, Joe and Bill, both have carpentry skills and decide to go into business as partners together ?tting kitchen cabinets. Joe's uncle has agreed to provide £20,000 of capi
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
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explain the proceedure followed in government system of accounting in india
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its
what is journal entry
Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys
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