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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. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
base-case NPV
Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
An inflated budgeted expense account
MS EXCEL.
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How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.
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