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Q. What is Accumulated depreciation?
Accumulated depreciation is a contra asset account to depreciable assets such like machinery, buildings and equipment. This account illustrates the total depreciation taken for the depreciable assets. On the balance sheet companies subtract the accumulated depreciation (as a contra asset) from its related asset.
An inflated budgeted expense account
Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason
Q. What is Fixed cost? Fixed cost -- a cost that doesn't change as sales volume changes (in the short run.) Fixedcosts generally include such items as rent, interest, depreciat
Q. Show types of activities performed by business organizations? The forms of business unit examined in the previous section are classified according to the type of ownership o
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
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
the meaning of dual concept
An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals
I need help with transaction 4
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