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Q. What do you mean by depreciation? What are the causes for depreciation? Explain the two methods of depreciation. Depreciation means a fall in the quality, quantity or value of the asset. It is defined as the determination in the cost of an asset during a particular period due to wear and tear and obsolescence. It is the allocation of the cost of capital expenditure to the periods of its use. It is used to describe the decrease in book value of an asset. It is considered an expense and is listed in an income statement under expenses. Causes for Depreciation: -Wear and Tear -Efflux of time -Obsolescence -Accident -Fall in market price Methods of depreciation 1.Straight line depreciation 2. Reducing balance method
Prepare the journal entries required to record the following transactions of a nongovernment, not-for-profit organization. 1. Unrestricted cash contributions received duri
Cost of goods sold minus sales
Q. What is Contractor Ledger? Accounts relating to contractors should be kept as personal accounts in contractor's ledger and a separate folio should be opened in the Contracto
What is the implications of applying accounting concepts wrongly?
Question : The subsequent data pertain to a shop. The owner has made following sales forecasts for the first 5 months of the coming year.
Consider the expected return and standard deviation of the following two assets: Asset 1: E[r1]=0.1 und σ1=0.3 Asset 2: E[r2]=0.2 und σ2=0.4 (a) Draw (e.g. with Excel) the
Monetary Policy Unlike fiscal policy, monetary policy is set by unelected officials. A group of economists is appointed by the executive branch and confirmed by the Senate to
1. Allocation of Indirect Cost Radiology Department in long Island Jewish Hospital incurred $1,267,000 of total indirect cost in five procedures (CC#557: Diagnostic Rad
is it true that deficit is an asset?
Q. Illustrate Accounting ramifications? Accounting ramifications i) Restatement ii) Unable to file on timely basis while go back and determine what periods are effected
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